SHARJAH – A high profile Russian delegation, led by senior government officials and business leaders including a Russian tycoon, is in Sharjah to explore enhanced trade and investment opportunities with their counterparts in the GCC. The delegation, including several high-ranking ministers, senior officials, owners and CEOs of major Russian companies, including the chairman of Russian conglomerate Sistema, is in the country to take part in the three-day Russia-GCC Business Forum that got under way at Expo Centre Sharjah Monday. The forum was inaugurated by Sheikh Sultan Bin Ahmed Al Qassimi, Chairman — Sharjah Media Corporation and Vice Chairman of Sharjah Petroleum Council and accompanied by Ahmed Mohammed Al Midfa, Chairman of Sharjah Chamber of Commerce and Industry, and will run until Wednesday. It was attended by Abdulla Al Saleh, Undersecretary of UAE Ministry of Foreign Trade; Saif Mohammed Al Midfa, Director-General, Expo Centre Sharjah; and leading executives and officials from GCC and Russia. “The forum is being held when bilateral ties between the UAE and the rest of the region and Russia are on an upswing, the latest sign of this being the launch of Air Arabia service to Rostov, the Sharjah carrier's fifth destination in Russia. The recent decision by Russia to exempt investment bodies and sovereign wealth funds from the UAE from taxation is another positive sign for trade and will open up practically unlimited vistas to UAE investors in Russia,” said Ahmed Mohammed Al Midfa. In 2011, trade between Russia and the UAE reached $ 1.5 billion, and in the first half of 2012 exceeded $1 billion, registering a rise of 50 percent with six more months yet to be accounted for. Forum participants also pointed out that there is a strong possibility of the figure touching the $2 billion-mark by the end of the year. “The sessions of the forum are covering strategic fields like oil and gas, energy projects, nuclear power prospects, alternative energy sources, various investment opportunities in the city of Moscow, GCC construction and infrastructure projects, sea ports and logistics, railways, current investment climate in GCC and Russia, Islamic banking, and tourism and hospitality projects,” said Roman Gavrilin, Project Manager, Expo Centre Sharjah. Previously, UAE official investors in Russia had to pay a 20 percent tax on stock profits, 15 percent on profits from interest, and 20 percent on capital gains. The treaty may prove advantageous for private entities too, which can invest through government investment funds, according to experts. Vladimir Evtushenkov, Chairman of Sistema; Valery Shantsev, Governor of Nizhny Novgorod region; Tatiana Gvilava, Director of the Russian-Arab Business Council; and a number of key ministers of Chechen Republic, are attending the forum. Apart from this, deputy ministers, department officials, an official delegation from the city of Moscow, and senior executives representing Russian establishments are also taking part in the forum. From the GCC, the forum has participation by Dr. Ahmed Saif Belhasa, Chairman of Belhasa Group; Fatima Al Jaber, Chairperson of Emirates Businesswomen Council; Saleh Al Aroud, Chairman, Al Aroud Group; and Dr. Azza Ibrahim Almulla, Attorney, Almulla Lawyers ‘&' Legal Consultants, Marwan Bin Jassim Al Sarkal, CEO of Shurooq; and Khalid Jassim Al Midfa, Director of SCTDA, among others. — SG/WAM
