UAE firm in $500 mn joint venture with Russian corporation
September 18th, 2010 - 5:04 am ICT by IANSSharjah, Sep 18 (IANS/WAM) Ports and logistics group Gulftainer, based in the United Arab Emirates (UAE), has signed a joint venture agreement with Prominvest, the financial and investment arm of Russian state corporation, Russian Technologies.
The agreement was signed Friday in the Black Sea city of Sochi in Russia between Badr Jafar, vice chairman of Gulftainer, and Mikhail Shelkov, chief executive officer of Prominvest in the presence of Russian Prime Minister Vladimir Putin.
The new company, Gulftainer Russian Technologies, will pursue investments and management opportunities in Russia and the rest of Commonwealth of Independent States (CIS).
The joint venture also announced plans to establish a fund of $500 million to acquire port and logistics assets in Russia and in the region, some of which have already been identified by the partners.
–IANS/WAM
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Tags: black sea, chief executive officer, commonwealth of independent states, investment arm, joint venture agreement, logistics group, management opportunities, ports, prominvest, russian corporation, russian prime minister, russian state, russian technologies, sea city, snb, sochi, united arab emirates, vice chairman, vladimir putin, wam