On 1st November 2026, the ruler of Fujairah, H.H. Sheikh Hamad bin Mohammed Al Sharqi, hosted Leonid Mikhelson, chairman of the Russian oil company Novatek, and a delegation at Al Rumailah Palace. The meeting focused on the development of projects within the Fujairah Oil Industry Zone (FOIZ) and the broader aim of strengthening collaboration between the United Arab Emirates and Russia in the energy sector and other related industries.
The visit took place in the official residence of the Fujairah ruler, indicating the high importance the Emirate places on the partnership. H.H. Sheikh Hamad emphasized that fostering cooperation with the Russian side would help advance the operational and investment capabilities of the FOIZ. This follows the UAE’s strategy of building strategic partnerships and encouraging international investment in its growing energy sector.
Representatives present at the ceremony included Mohammed Saeed Al Dhanhani, director of the Fujairah Emiri Court; Mohammed Al Afkham, director general of Fujairah Municipality; and Salem Al Afkham, director of the FOIZ. Their presence underscored the administrative support for the energy projects discussed.
During the meeting, the participants discussed several development projects slated for the FOIZ. These projects aim to streamline the zone’s infrastructure, boost its storage and trade capacity for petroleum products, and enhance the efficiency of related services. The discussion also covered plans to sustain the zone’s growth in line with the rapid expansion of the global energy market.
H.H. Sheikh Hamad highlighted the importance of advancing bilateral ties with Russia in both energy and related services. He noted that cooperation would promote the exchange of expertise, create new investment opportunities, and help Fujairah maintain its position as a strategic hub for the trade and storage of petroleum products.
Leonid Mikhelson underscored Novatek’s interest in exploring joint ventures in the region, stating that the company’s reputation for large-scale natural gas and oil production could complement the capabilities of the FOIZ. While the source materials do not provide a direct quote from Mikhelson, the meeting underscored Novatek’s willingness to engage with UAE partners on new projects.
The dialogue between the two sides reflected the UAE’s broader economic outlook, which focuses on diversification and attracting foreign investment. In recent years, Fujairah has invested significantly in expanding its OIZ infrastructure to attract multinational operators and position itself as a leading oil and gas hub in the Middle East.
Specifically, the FOIZ has been designed to offer comprehensive storage solutions, end‑to‑end LNG processing and transportation facilities, and a robust network of pipelines to connect the region with international markets. The joint discussions are expected to accelerate the development of these assets and facilitate the entry of Russian technology and expertise into the zone.
By reinforcing ties with Russia, Fujairah hopes to tap into a new source of investment and technical know‑how. The Emirate is also keen to broaden cooperation beyond energy to include services, logistics and infrastructure development, thereby offering a more diversified portfolio of offerings to global investors.
Because the U.S. has imposed sanctions on Russian entities, Fujairah’s collaboration with Novatek may face regulatory scrutiny. The Emirate is therefore advised to ensure compliance with international sanctions frameworks, which is a concern for any foreign investment involving Russian firms.
Overall, the meeting concluded on a positive note, with both parties expressing optimism about the potential for increased collaboration. H.H. Sheikh Hamad reiterated the UAE’s willingness to strengthen strategic partnerships, while Novatek’s leadership showed a clear interest in exploring joint ventures within the Fujairah Oil Industry Zone. This dialogue signals a continued trajectory for expanding bilateral engagement and supports the Emirate’s development as a major retail and storage hub for petroleum products.
