United Arab Emirates investors agreed to spend $800 million on new projects in Russia amid a Russian drive to boost commercial ties with Arab countries.

Gulftainer Company Ltd., a port operator in Sharjah, and Dubai-based Damac Properties today signed investment accords with the financial arm of Russian Technologies Corp., a state holding of more than 500 companies. The deals were sealed today at Prime Minister Vladimir Putin's investment forum in Sochi.

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, said Valery Kartavtsev, a Russian Technologies spokesman.

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Posted by mopeng at September 17, 2010 12:54 AM