Russia develops long-term ties with UAE and Turkey in a highly polarized world

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Russia’s largest economic forum (SPIEF) held in St. Petersburg on June,14 – June, 17 has resulted in strengthening ties with the two strategic partners – the UAE and Turkey.

UAE President Sheikh Mohamed bin Zayed Al Nahyan, while on a working visit to Russia, held a meeting with Vladimir Putin at the SPIEF.

“I am pleased to be here today with you, your Excellency, and we wish to build on this relationship and we put our trust in you to do so,” Sheikh Mohammed told Putin.

According to Anwar Gargash, the diplomatic adviser to the UAE president, “for the UAE, this is a “calculated risk” it is willing to take, part of the Gulf nation’s policy of de-escalation and dialogue in an increasingly polarized world”.

“This polarization has to be broken”, – he added. “[UAE President] meets a lot of Western leaders, it is also important for him to hear from President Putin to be able also to support the international community’s collective effort, in order to go beyond the current polarization,” Gargash said.

Meanwhile, Alexey Sazanov, Russia’s Finance Minister Deputy, said that Moscow is now seeking new opportunities to strengthen economic and trade ties with UAE, Turkey and Malaysia. Among highly debated issues is a dialogue to make double taxation agreements with these countries more flexible.

At the beginning of 2022, the UAE Ministry of Finance announced the introduction of federal corporate income tax at a rate of 9% from June 1, 2023 for medium and large businesses. For companies with a profit that does not exceed 375,000 dirhams ($102,000) per year, the rate remains zero. The changes also did not affect charitable organizations, investment funds, state corporations and enterprises engaged in the extraction of natural resources.

Meanwhile, Turkey received the Russia’s SPIEF delegation in Istanbul in May, 2023.

During the meeting, SPIEF Director Alexei Valkov, Professor Ahmet Kasim Khan and IC Holding CEO Murad Bayar made presentations, discussed Russian-Turkish economic relations, strategic cooperation and investment opportunities.

“Today, diplomatic and trade relations between Russia and Turkey reflect a long-standing friendship that persists despite the prevailing political circumstances. It is especially worth highlighting the economic potential of Russian-Turkish relations, which represents significant commercial opportunities in the market,” said Professor Ahmet Kasym Khan.

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