Vladimir Putin received in the Kremlin Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces of the United Arab Emirates Mohammed bin Zayed Al Nahyan, who is in Russia on a working visit.

They discussed the further development of trade between Russia and the UAE, economic and investment cooperation, the current energy situation, and pressing international and regional issues.

In addition, Vladimir Putin and Mohammed Al Nahyan signed the Declaration on Strategic Partnership between the Russian Federation and the United Arab Emirates.

Following the meeting, Vladimir Putin showed the Crown Prince the new Cortege limousine produced in Russia.

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President of Russia Vladimir Putin: Your Highness, colleagues, friends, I wholeheartedly welcome you in Moscow.

We had a meeting one year ago. The situation in the region, as well as across the world in general, is rapidly changing. I am glad to be able to have this meeting with you so that we can discuss bilateral cooperation and regional developments.

The United Arab Emirates is Russia’s reliable and long-standing partner in the Middle East. Today, we will be signing a memorandum on strategic cooperation and partnership. I think this would be a good step towards even stronger bilateral ties.

There is positive momentum in the relations between our countries in all areas, including political contacts, economic cooperation and security. Last year, trade increased 31 percent, and added another 70 percent in the first quarter of this year.

With your support, the UAE investment fund is working closely with the Russian Direct Investment Fund in Russia, with already over $2 billion in total investment. We are grateful for your trust. At the same time, I do not think you have any reason to be disappointed, since the return on this investment is way above the market average, reaching 15–17 percent.

We will carry this momentum forward, while also continuing to work in the energy sector, where our combined efforts, including by our friends from Saudi Arabia and all OPEC members in general, are yielding positive results in terms of rebalancing the oil and gas market.

We are especially grateful for your initiatives to promote cooperation in high technology, including your initiatives for the industrial sector in the context of the Innoprom Industrial Trade Fair in Yekaterinburg.

In other words, we have quite a few joint projects, and our interests converge in many areas. strongly hope, I am convinced that today’s visit will help strengthen bilateral relations.

Crown Prince Mohammed Al Nahyan of Abu Dhabi (retranslated): Thank you, Mr President.

I am glad to be in Moscow today. This is a good opportunity for us to meet with you and discuss the strengthening of bilateral relations. We consider them to be extremely important, and I hope that we will continue to strengthen them with you.

As you correctly pointed out, trade between us is stronger since our previous meeting. I expect that it will continue to grow stronger. I think that our cooperation will expand, thanks in part to the signing of the declaration on strategic partnership. Our relationship is very important, and we always strive to strengthen it with you.

Indeed, as you said, since our last meeting, there have been many developments in the Middle East. The United Arab Emirates seek to cooperate with the entire world community, with all our friends, and are working to ensure a prosperous future for our region. And we also look forward to a detailed discussion of this topic with you, Mr President.