Ties with the Arab world are important to Russia, and not only from the point of view of security: they could also boost the national economy. Tapping the potential of Russia-Arab cooperation would help Russia boost its GDP, and accelerate growth.
Foreign trade with Arab countries has potentially massive significance for today’s Russia. Arab countries are of interest to Russia as a market for domestically manufactured goods, technologies, metal products, and some raw materials on the one hand, and as a source of investment on the other.
Russia owes the position it enjoys in some Middle Eastern and North African economies primarily to the Soviet legacy. The Soviet Union was known for its substantial assistance to Arab states, helping them with large infrastructure projects, the power industry, metallurgy, engineering, and defense rearmament, all of which are currently in need of modernization. In the 1950–1980s, the company Tekhnopromexport built eight thermal power and combined heat power stations and eleven hydropower plants in Arab countries.