Russia's largest grain exporters are looking to establish a grain storage facility in the United Arab Emirates and the project's economic feasibility is currently under discussion, Russian trade representative to the UAE Andrey Terekhin has said.
"If you mean the establishment of a certain grain hub here, that is, roughly speaking, the import of large batches of grain followed by their distribution to neighboring countries … I can say that the issue is being seriously worked out," Terekhin told reporters.
It is more profitable for Russian grain exporters to deliver cargo to different ports than to create a grain storage facility in the UAE because of additional costs, the Russian trade envoy said, adding that the hub's economic viability was under consideration. The UAE is interested in the project, he added.
The share of Russian grain in UAE imports stands at 30-35%, Terekhin said.
The World of Opportunities International Business Forum was held from April 23-24 at the Ritz Carlton Hotel in Dubai to bring together leaders of Russian and international business and foster cooperation amid new global conditions.