VEB has opened its representative office in Abu Dhabi, the United Arab Emirates. The new representative office has obtained all necessary permits, a commercial license and a registration certificate, and now is ready to operate.
“Vnesheconombank has been actively cooperating with the United Arab Emirates and the Middle East, and the Islamic world as a whole. We are working to engage investors, raise finance, enhance trade and foster greater economic ties, and also to promote high-technology exports from Russia. Now that we have the representative office in Abu Dhabi, the Bank has expanded its geographical reach to bring the cooperation with the region to a new level. The Abu Dhabi representative office will promote VEB Group interests and enable cooperation with local players,” said Igor Shuvalov, Vnesheconombank’s Chairman.
Working together with the Organisation of Islamic Cooperation (OIC) is strategically important for VEB. The Bank’s OIC export loan and guarantee portfolio stands at USD2.8bn.
“No other Russian bank has such extensive cooperation in the region. And we are set to move forward and actively engage in financing joint projects,” added Mr. Shuvalov.
The VEB representative office in Abu Dhabi will promote cooperation between the UAE and Russia in exports and investment. Boosting trade and expanding economic ties was among the topics discussed by Russian President Vladimir Putin and Mohammed bin Zayed bin Sultan Al-Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE's Armed Forces, during their meeting on 1 June 2018.