Abu Dhabi hosts UAE-Russia Economic Forum

UAE-Russia Economic Forum organised by ADCCI Suhail Al Mazrouei, Minister of Energy, yesterday called on the UAE and Russia to expand and diversify their joint cooperation in utilisation of energy and renewable energy. He told the UAE-Russia Economic Forum organised by Abu Dhabi Chamber of Commerce and Industry (ADCCI) under the theme 'Energy Security under Market Fluctuations', that both the UAE and Russia have shown strong will to build strategic partnerships in the petroleum industries.
Sergei Belyakov, Deputy Minister of Economic Development of the Russian Federation, Mohammed Thani Al Rumaithi, Chairman of UAE Federation of Chambers of Commerce and Industry, and a number of CEOs of UAE and Russian oil and gas companies were present.
He added that such gathering provides dynamic forces to the businessmen and investors in both countries to establish leading joint ventures and companies in the energy, oil and gas sectors and to overcome any barriers hindering easy flow of commodities and services.
He lauded the performance of the business community in development and other economic, trade, industrial, agricultural and services sectors in the UAE and Russia as magnificent.
'Channels of cooperation in energy fields are diversified and huge, paving the way for a more broader relations,' he added.
In remarks to the first session, Al Mazrouie said the UAE had addressed and responded to challenges and changes it is facing in regards to increasing demand for electricity power in light of rapid economic growth and demographic expansion.
He noted that world energy markets had undergone sea of changes over the last ten years and are vulnerable to new developments which affect the UAE energy market.
To meet future challenges, he continued, the UAE has diversified its mix of energy sources from nuclear energy and renewable energy to solar power.
He added that nuclear energy is projected to meet 25% of local energy consumption by 2020.
For his part, Sergei Belyakov, Deputy Minister of Economic Development of the Russian Federation, expressed the Russian government's sincere interest in boosting cooperation with the UAE as one of the most advanced nations in the energy, oil and gas industries.
He noted that changes the global economy is witnessing in the energy sector had diverse implications on both producing and consuming countries, which many of them found no option before them but to invest in renewable energy to secure their needs from energy.
The Russian minister affirmed that cooperation between the UAE and his country is a strategic objective in areas of energy and applications of modern technology so as to develop other sectors.
He added that the two countries were working to develop and implement well-studied project in the near future.
Source: WAM