The first Russia-GCC trade and industrial dialogue conference was held in Bahrain on 14-15 December.

The event was organised by Russia’s Ministry of Trade and Industry and was supported by the Federation of GCC Chambers of Commerce and Industry.

Trade and industry ministers from all the GCC countries and Russia, as well as a range of private sector representatives participated in the conference sessions. The meet focused on Russian-GCC business collaboration and investment opportunities in a range of sectors from infrastructure to Islamic finance.

While imports from Russia to the region are limited to basic industrial and semi-finished material, bilateral trade value currently stands at about $58m.

Authorities in Bahrain also recently announced that visa procedures for Russian citizens visiting the country have been reformed to encourage business and trade between the two countries. Gulf Air, the national carrier of Bahrain, also announced the launch of a new direct route from Manama to Moscow.

With EU sanctions gripping the Russian economy and oil prices likely to affect both Moscow and the GCC, improved trade relations come at a time when oil-producing nations are looking to diversify their revenues.

The Russian Direct Investment Fund has also been signing billion-dollar agreements over the past few years with all the major Gulf sovereign wealth funds. This includes a $2bn deal signed in May with the Qatar Investment Authority, which will see the entity invest in Russian projects.