UAE To Help Ukraine Set Up Sovereign Wealth Fund

The UAE will help Ukraine set up a sovereign wealth fund. The Office of the President (OP) of Ukraine broke the news Monday morning following a meeting between OP Head Andriy Yermak and an Emirati delegation led by UAE's Minister of Climate Change and Environment and Head of the Office of International Affairs Mariam Almheiri.

The OP of Ukraine reportedly said in a statement that it was counting on the active participation of the UAE in its economic transformation strategy. "During the visit of the United Arab Emirates delegation, an agreement was also reached that the UAE would help Ukraine create a sovereign wealth fund. This will involve the experience and expertise of one of the world's largest sovereign wealth funds, ADQ, and their consultants, Contango," it said, according to Gulf Business.

The meeting between the UAE and Ukraine aimed to discuss financial and humanitarian support, as well as investments in recovery and bilateral cooperation between the two nations. During the meeting, Ukraine invited UAE sovereign wealth funds and firms to take part in the country's "economic transformation and building strategy as well as in strengthening trade cooperation" between the UAE and Ukraine, Ukrinform reported.

The discussion particularly centered around Ukraine's presentation of the Ukrainian Development Fund, a sovereign wealth fund initiative supported by American multinational investment company BlackRock.

In the same meeting, which was also attended by UAE wealth funds Abu Dhabi Investment Authority and ADQ, Ukraine's Minister of Economy Yuliia Svyrydenko thanked the UAE government for sending humanitarian assistance to the country in recent years.

"We have very cordial relations that are only getting stronger," Yermak said, as per Ukrinform. "It is very important that you can personally see the struggle of Ukrainians and feel how strong our people are.

Yermak added that their country was confident of its victory amid the Russia-Ukraine war, saying their victory would "not only be for our country and its people but also for the entire civilized community, justice and international law."

The UAE and Ukraine share strong bilateral ties, with the UAE being Ukraine's second-largest GCC trade partner since 2021. Non-oil trade between the two nations also exceeded $388 million in 2022.