A Ukrainian delegation to the United Arab Emirates, led by President Volodymyr Zelensky, signed memorandums and contracts worth $3 billion during a diplomatic visit on Feb. 14-15.

The bilateral agreements comprise several spheres, including agriculture and defense, and aim to improve the relations between the two countries and encourage new investments into Ukraine.

The State Property Fund of Ukraine and the state-owned Mubadala Investment Fund signed memorandums to create possibilities for large scale investments, including in Ukraine’s state property that’s up for privatization.

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Furthermore, 18 Ukrainian private companies — including Interpipe, Dragon Capital, DTEK, Unit.City, OschadBank, UMG, Ufuture, and Epicenter — signed memorandums with the Mubadala investment fund.

“Ukraine has very promising potential for foreign investment, and the signing of memorandums with leading entities of Ukraine represents a commitment to explore potential investments and areas of cooperation on a case-by-case basis,” said Faris Al Mazrui, head of the fund’s investment program for post-Soviet countries.

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“We are impressed by the quality and caliber of Ukrainian businesses,” he added.

Yuriy Husyev, director general of Ukrainian state-owned defense giant UkrOboronProm, alone signed $1 billion worth of agreements and contracts with the UAE’s two leading military equipment manufacturers, the EDGE Group and Tawazun Economic Council.

“We are delighted by the opportunities that open up for the UAE and Ukraine regarding the cooperation, exchange and gaining mutual benefits from the two countries’ military and technical potential,” said EDGE CEO Faisal Al Bannai, according to Zelensky’s press service.

Another memorandum was signed between Ukraine’s Agriculture Minister Roman Leschenko and the Office of the UAE Minister of State for Food and Water Security to encourage investment in agriculture and further increase bilateral trade and food security.

Even before this memo was signed, Zelensky told WAM, a UAE news agency, that he hopes Ukraine can become “a guarantor of food security in the Emirates.”

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In 2020, Ukraine exported $252 million worth of food to the UAE, which imports 85 % of its food from other countries.

Apart from this, the countries have agreed to cooperate on land management and intellectual property.

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