Russian Technologies Corp., a state holding of more than 500 companies, said U.A.E. investors agreed to spend $800 million on new projects amid a government drive to boost commercial ties with Arab countries.
Gulftainer Company Ltd., a port operator in Sharjah, and Dubai-based Damac Group will sign investment accords with Russian Technologies’ financial arm Prominvest today at Prime Minister Vladimir Putin’s investment forum in Sochi, said Valery Kartavtsev, a Russian Technologies spokesman.
Gulftainer will invest $500 million in infrastructure including ports and logistics centers and Damac will invest $300 million in real estate projects, including facilities in Sochi for the 2014 Winter Olympics, Kartavtsev said.
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