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“I expect Dubai and the UAE to grow into a diamond trading hub,” says the President of Yakutia

April 9, 2014 Lifestyle No Comments Email Email

A delegation from the Sakha Republic (Yakutia) in the Russian Federation, led by President Egor A. Borisov has arrived in Dubai for a series of high level meetings before participating for the first time in the Annual Investment Meeting (AIM) which opens in Dubai on 8 April 2014.  

President Borisov of YakutiaYakutia is the North-eastern part of Asia and renowned for its great territory and resources. At over 3,000,000 square kilometres, it is equal to about 20% of Russia’s total land space, covers 3 times zones and is five times as large as France. Yakutia’s wealth of natural resources is estimated to be worth US$ 3 trillion.

According to Open Joint Stock Company The Alrosa Group, Yakutia is the largest diamond producer in the world – 27% of the world’s diamonds are mined there. The Alrosa Group is one of the world leaders in diamond exploration, mining, sales of rough diamonds and diamond manufacturing. Gold, diamond and coal mining as well as oil and gas production account for 52 % of Yakutia’s GDP which was more than US$ 18 billion in 2012.

Apart from vast mineral resources, it is a politically and economically stable region. Yakutia takes pride following a long-term strategic plan based on the rational use of its natural resources to improve the living standards of its people.

For over a decade Yakutia has been the only ‘Far Eastern’ region working with the international rating agencies to confirm its investment and credit ratings. In March 2014 Fitch Ratings affirmed the Sakha Republic (Yakutia) long-term foreign and local currency IDR at ‘BBB-‘, Short-term foreign currency IDR at ‘F3’ and national long-term rating at ‘AA+(rus)’. The outlooks on the long-term ratings are stable.

Yakutia is keen to present its tourism potential which varies from ecological, exotic, extreme and exclusive to ethnic. Around 30% of its land is designated as conservation areas and is home to a wide variety of birds and rare animals as well as untouched flora and fauna with 700,000 rivers and over 800,000 lakes. Yakutia is rightly referred to as the “lungs of the planet”.

President Borisov and the Yakutian delegation are planning to have private meetings with HH Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, HH Sultan Bin Mohammed Al Qasimi, the Ruler of Sharjah and HE Sultan Bin Saeed Al Mansouri, UAE Minister of Economy. The Sakha officials are scheduled to sign agreement with the Sharjah Chamber of Trade and Commerce during the Annual Investment Meeting 2014. The Alrosa Group is also scheduled to sign a contract with the Dubai Diamond Exchange (DDE).

One of the top priorities of the Yakutia delegation’s visit to the UAE is to increase the value of trade. The UAE imported USD 68 million worth of diamonds from Yakutia in 2013.

“I think investors from the UAE will have a good opportunity to take part in investment projects such as the development of infrastructure, tourism, new technologies and the establishment of new industrial locations to produce unique jewelry products,” said President Borisov.

The President of Yakutia is optimistic about business relations with the UAE. Referring to the Dubai’s strategic location and rapidly growing gold and diamond marketplace, he said, “I expect Dubai and the UAE to grow into a diamond trading hub.”

In a relatively short period of time, thanks to a well-developed infrastructure meeting the market’s international requirements, Dubai has become the world trading centre of uncut diamonds, cut diamonds and diamond jewelry. It has been a remarkable journey, in 2001 Dubai’s diamond trade volume did not exceed US$ 5 million, however in less than a decade it has increased to over US$ 39 billion.

“The Sakha Republic (Yakutia) will present tourism, infrastructure and innovative projects at the AIM. We will also present the International Sports Games “Children of Asia” that is known as a preliminary step for the Youth Olympic Games. It is gratifying that the Games have traditionally involved a team from the United Arab Emirates. And of course, we are proud to present a famous brand – Yakutian diamonds and the world-renowned company “Alrosa”. By visiting our exhibition stand, you will truly enjoy diamonds,” said President Borisov.

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