H.E. Abdulla bin Touq highlights UAE’s experience in economic diversification and competitiveness at SPIEF 2025

His Excellency Abdulla bin Touq Al Marri, Minister of Economy and Tourism, participated in the St. Petersburg International Economic Forum (SPIEF 2025), held from 18 to 21 June under the theme ‘Shared Values as a Foundation for Growth in a Multipolar World.’

On the sidelines of the forum, H.E. Bin Touq held bilateral meetings with H.E. Dmitry Patrushev, Deputy Prime Minister of the Russian Federation, and H.E. Anton Alikhanov, Russian Minister of Industry and Trade, to explore strengthening of economic relations between the two countries across sectors of mutual interest.

His Excellency said: “The meetings with Russian ministers and officials served as a valuable opportunity to explore avenues for strengthening economic ties between the two countries and our business communities.” He emphasized the importance of leveraging the UAE’s unique strategic location as a global hub for business and investment. The meetings also shed light on enhancing cooperation in advanced economic sectors, particularly the new economy, tourism, entrepreneurship, industry, agriculture, food security, transportation, technology, renewable energy, and infrastructure.

H.E. Bin Touq added: “The UAE’s participation in the forum reflects its commitment to forging impactful economic partnerships with key markets. This supports the country’s vision for global economic openness, while solidifying its position as an influential international economic partner, in line with the objectives of the ‘We the UAE 2031’ vision.” His Excellency noted that the forum serves as a vital platform for UAE companies to tap into partnership and collaboration opportunities in new economy sectors, engaging with a wide network of decision-makers, investors, and business leaders from participating countries.

During his participation in a session titled ‘A New Perspective on Productivity: Adaptation and Growth in a Changing World’ at SPIEF, H.E. Bin Touq highlighted the UAE’s experience in diversifying its national economy—an effort that has delivered exceptional growth across various sectors, surpassing the expectations of international institutions. H.E. noted that non-oil sectors accounted for 75.5 per cent of the country’s GDP by the end of last year, while the non-oil GDP recorded a five per cent growth in 2024 alone. H.E. also shed light on the ongoing development of national economic policies aimed at enhancing the attractiveness and competitiveness of the UAE’s business environment, which today is home to more than 1.1 million companies and economic establishments. H.E. further emphasized the country’s vision to become a global hub for the new economy by the next decade.

In addition, H.E. Bin Touq and Andrey Vorobyov, Governor of Moscow Region, witnessed the signing of a Memorandum of Understanding (MoU) between Khalifa Economic Zones Abu Dhabi (KEZAD Group) and Russia-based ZSK Glassprom LLC (Ecookna), a leading manufacturer of glass and transparent windows. The agreement aims to establish a glass production facility in Abu Dhabi.