The Russian Government is reportedly in negotiations with Abu Dhabi-based investment company Mubadala to build an airport in Cuba.
The planned airport is said to serve as hub for the Latin American region.
Russian trade and industry minister Denis Manturov told The National news agency that the government plans to spend approximately $200m in the project.
In addition to building an airport, the investment will also be used to renovate a port and construct a railway line.
Manturov said: "Cuba is developing a transport hub from the seaport and a railway to the airport.
"They have only one international airport and they are planning to use one of the ex-military bases to build a big airport hub for Latin America."
The proposed plans are part of Russian Government's efforts to strengthen partnerships with the Middle East, Asia and Latin American partners.
With this investment in Cuba, president Vladimir Putin is reportedly seeking to write off a debt of roughly $32bn from the Soviet era.
Mubadala spokesperson said: "The company is regularly reviewing a number of different investment opportunities with its Russian partners."
At the Idex military exhibition, Manturov is in talks with Abu Dhabi government and sovereign wealth funds over plans to increase military exports to the UAE markets.