According to a top official, total commerce between Russia and the UAE will increase by 21% to $4 billion in 2021 as commercial links between the two nations grow.

“As of today, several dozens of operating companies with Emirati funds in their authorized capital are registered in Moscow,” said Sergey Cherimin, minister of the Moscow government and head of the Moscow department for foreign economic activity and international relations, according to state news agency Wam.

“In response, Russian enterprises have established offices in the UAE, and there are already over 4,000 of them.”

The remarks come as the two countries’ investment and commercial links strengthen.

The UAE and Russia signed a letter of intent last month to create a joint task force to increase cooperation in the energy industry, notably in renewable energy.

The UAE Ministry of Industry and Advanced Technology is also working with the Russian Ministry of Industry and Trade to develop hydrogen fuel technology in order to attain a carbon-neutral industrial sector.

According to Mr Cherimin, UAE firms are interested in investing in Moscow, particularly in projects linked to transportation infrastructure, property development, and the hotel industry.

“Moscow, like the UAE, is pursuing ecologically friendly and sustainable growth.” We have done a lot over the years of bilateral cooperation to establish favorable conditions for Moscow enterprises to access the UAE market and for UAE companies to enter the Moscow market.”

Mubadala Investment Company of Abu Dhabi has made investments in Russia ranging from infrastructure and property to commodities, banking, logistics, and technology, yielding substantial financial returns.

The business said last week that it had bought a 1.9 percent share in the petrochemicals company Sibur for an undisclosed sum, marking the fund’s largest investment in Russia.

Among Mubadala’s other interests is a 2.6 percent stake in the Moscow-listed aluminum business En+.

Mubadala also stated in 2019 that it is looking into a possible joint venture with the state-owned Russian Direct Investment Fund to develop a new $2.8 billion pulp mill facility in north-west Russia.

“Foreign investors are drawn in by the lower cost of doing business, favorable regulations, and initiatives made by the Moscow City Government to boost the investment climate, including support for the real sector, particularly during the epidemic,” Mr Cherimin added.