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Press Release: President Egor Borisov of the Russian Federation’s Sakha Republic, or Yakutia, is in Dubai to highlight FDI opportunities in one of the world’s largest diamond producing regions. A delegation from Yakutia, led by Borisov, arrived in Dubai for a series of high-level meetings before participating for the first time in the Annual Investment Meeting, which opens in Dubai on April 8.
“The Sakha Republic (Yakutia) will present tourism, infrastructure and innovative projects at the event. 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 (UAE). 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 Borisov.
Borisov and the Yakutian delegation are planning to have private meetings with Sheikh Mohammed bin Rashid Al Maktoum, UAE's vice president, Prime Minister and ruler of Dubai, Sultan Bin Mohammed Al Qasimi, the ruler of Sharjah and Sultan Bin Saeed Al Mansouri, UAE's Minister of Economy. The Sakha officials are scheduled to sign an agreement with the Sharjah Chamber of Trade and Commerce during the Annual Investment Meeting 2014. ALROSA 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 $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 Borisov.
He is optimistic about business relations with the UAE. Referring to 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.”
Yakutia is the northeastern part of Asia and renowned for its great territory and resources. At over 3 million square kilometers, Yakutia is equal to about 20 percent of Russia’s total land space, covers three times zones and is five times as large as France. Yakutia’s wealth of natural resources is estimated to be worth $3 trillion.
According to Open Joint Stock Company (OJSC), The ALROSA Group in Yakutia is the largest diamond producer in the world. Twenty-seven percent of the world’s diamonds are mined there. ALROSA 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 percent of Yakutia’s gross domestic product (GDP), which was more than $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 Yakutia's 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 outlook on the long-term ratings is stable.
Yakutia is keen to present its tourism potential, which varies from ecological, exotic, extreme and exclusive to ethnic. Around 30 percent 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.”
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 center of uncut diamonds, cut diamonds and diamond jewelry. It has been a remarkable journey, in 2001 Dubai’s diamond trade volume did not exceed $5 million; however, in less than a decade it has increased to over $39 billion.
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