"With the Saudis and Kuwait we discussed setting up investment companies in Russia, and in the United Arab Emirates we discussed banking cooperation," said Davydov, who is also Foreign Trade Minister.
Davydov was speaking at a news conference during a Gulf tour by Russian Prime Minister Viktor Chernomyrdin, who has been in Saudi Arabia and Kuwait and was due go to Oman from the UAE.
"We discussed setting up banks in Russia with the participation of UAE businessmen," Davydov said.
He said UAE bankers will visit Moscow to examine how foreign banks operate in Russia, and added that Russia's Stolichny Bank hopes to set up a branch in the Gulf state.
Asked if the UAE, itself an oil producer, was interested in investing in Russia's oil industry, Davydov said "yes," but he declined to elaborate.
A member of the Russian delegation said Russian officials had also made the case for UAE investment in developing new oilfields in Siberia and other areas.
Davydov said Chernomyrdin and UAE leaders had also discussed regional political issues, including Iraq.
The Russian prime minister restated that Iraq must comply with all Gulf War-related UN resolutions, including freeing Kuwaiti prisoners held by Baghdad, before economic sanctions can be lifted.
Western diplomats had expected Chernomyrdin to discuss possible arms sales to the UAE, which already uses some Russian equipment, including BMP-3 armored vehicles.
But Davydov said, "There were no concrete negotiations in this matter. The initiative is with the buyer. We expressed our willingness to give maximum help on the issue of security."
The volume of trade between the Gulf states and Russia is very small, he said, but added that "economic, trade and technical agreements were signed during this visit to give a legal basis for developing relations in future."
Kuwait and Saudi Arabia signed agreements aimed at increasing trade with Russia during Chernomyrdin's visit.
The UAE imported $200 million worth of Russian goods in 1993, according to figures distributed to reporters. Its exports to Russia that year were $1 billion.
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