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FINANCIAL NEWS
UAE firms to invest $800 million in Russia
18 Sep 2010
(MENAFN) Two UAE-based firms have signed joint venture agreements with a Russian company to invest $800 million in the country’s infrastructure and real estate sectors.
Ports and logistics group Gulftainer and real estate developer Damac today signed deals with Prominvest, the investment arm of Russian Technologies. Gulftainer will invest $500 million, while Damac plans to spend $300 million.
The agreements were signed in the Black Sea city of Sochi in the presence of Vladimir Putin, Prime Minister of Russia.
Gulftainer is a subsidiary of the Crescent Group of companies and the largest private port and logistics operator of the Middle East. Badr Jafar, executive director of the Crescent Group and vice chairman of Gulftainer, and Mikhail Shelkov, CEO of Prominvest were present at the signing.
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