Two UAE firms sign Dh3b worth of Russian deals
18 September 2010
DUBAI — Two UAE firms on Friday signed agreements worth Dh3 billion ($800 million) in Russia to create joint companies to manage foreign direct investment in infrastructure and real estate sector.
Luxury property developer Damac Properties and Sharjah-based Gulftainer signed the deals on the sidelines of the 9th international investment forum in the Russian Black Sea resort city of Sochi.
Gulftainer, a subsidiary of the Crescent Group of companies and the largest private port and logistics operator of the Middle East, signed a major joint venture agreement with Prominvest, the financial and investment arm of Russian State Corporation, Russian Technologies.
Badr Jafar, Executive Director of the Crescent Group and Vice-Chairman of Gulftainer, and Mikhail Shelkov, CEO of Prominvest, signed the first agreement in the presence of Vladimir Putin, Prime Minister of the Russian Federation.
The new joint venture company, Gulftainer Russian Technologies, will ...