Gulf countries and Russia strive for special relationship

SGGP 07/10/2023 08:06

As planned, on July 10, the 6th ministerial meeting within the framework of the strategic dialogue between the Gulf countries and Russia will be held in Moscow (Russia).

Russian President Vladimir Putin (center) and President of the United Arab Emirates (right) Sheikh Mohamed bin Zayed Al Nahyan on the sidelines of the Saint Petersburg International Economic Forum on June 16. Photo: GETTY IMAGES

Trade increased steadily

Russia has played an increasingly active role in the Middle East in recent years as countries in the region continue to diversify their relations with outside powers. Arab News quoted the Secretary General of the Gulf Cooperation Council (GCC), Jassim Al-Budaiwi, as describing the relationship between the GCC and Russia as “special”. According to a statement by the Secretary General, Jassim Al-Budaiwi, various topics will be discussed at the event to enhance cooperation and provide an opportunity to exchange views on a number of regional and international issues.

The GCC plays an important role in Russia’s plans as Moscow seeks to offset the economic damage caused by sanctions imposed after the conflict with Ukraine. While Russia’s trade with the GCC may not be large in scale, it is growing and is essential for Russia. In 2022, more than 170 talks and 146 demonstration and food tasting events were held. More and more Russian companies are interested in entering the UAE and GCC markets.

In 2022, trade relations between Russia and the United Arab Emirates saw a remarkable breakthrough when trade turnover between the two countries increased by nearly 70%. Consumers in GCC countries can now buy products made in Russia through online platforms such as Noon.ae, Amazon.ae, Prostor.ae, etc.

The Role of GCC

Relations with the GCC are part of Moscow’s foreign policy, as the GCC is part of Russia’s larger strategy in the Middle East. The Ukraine crisis has put additional pressure on Russia to strengthen its ties with the GCC countries through increased economic and trade ties, hoping that they can help offset economic losses as Russia faces Western sanctions.

The GCC countries also play a key political role in the stability and prosperity of the Middle East, so Russia values its partnership with the countries in this region very much. Like OPEC+, it seems that a new alliance, the GCC+, is taking shape with Russia’s potential participation. The GCC already controls a significant portion of the world’s oil and gas reserves, making it a potentially important player in the global energy market. The emergence of a potential GCC+ bloc creates opportunities for regional and global players.

According to TFIGlobal, recent developments involving Iran-Syria, Iran-Saudi Arabia and Saudi Arabia-Syria have captured the world’s attention. As the GCC consolidates its position as an economic giant, a geopolitical tango could reshape the power play in the Middle East.

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