In October 2019, Russian President Vladimir Putin visited the United Arab Emirates (UAE) to solidify and sign a major trade deal with the Middle Eastern country, expected to be worth $1.3 billion. The deal largely concerned the energy, aviation, space, tourism, and technology sectors.
More specifically, the two leaders agreed on shared investments between Russian Direct Investment Fund and Emirati investment fund Mubadala, expanding on an earlier agreement to invest up to $7 billion to fund projects in Russia’s health care, technology, and artificial intelligence industries. Abu Dhabi National Oil Company and Russia’s Gazprom agreed to work together to increase oil production and develop artificial intelligence and other high-tech methods of extracting more oil from oil fields. The UAE and Russia agreed to increase commercial flights between the two countries with the hopes of boosting the tourism industries of both countries. President Putin also met with Hazzaa al-Mansoori, the first Emirati astronaut who recently returned from the International Space Station.
