Skip to content Skip to Search
Skip navigation

Ukraine and Gulf announce diplomatic and economic alliance

Creative Commons
Russian bombardment of Kiev: Ukraine could be the world's largest construction point post-war
  • Gulf countries could help rebuild Ukraine after the war
  • Ukraine National Sovereign Fund launch with involvement of GCC

Ukraine, the Gulf bloc and the Organisation of lslamic Cooperation (OIC) announced on Tuesday the establishment of a special Advisory Council. 

The Council, headed by the Ukraine President’s Office and Ukraine’s Ministry of Foreign Affairs, will focus on political, diplomatic, economic and humanitarian cooperation between Ukraine and the Middle East.

The Head of the President’s Office Andriy Yermak and Foreign Minister Dmytro Kuleba also announced the opening of offices of Arab media outlets and Arab-funded Red Crescent offices in Ukraine.

The council will also launch a Ukraine National Sovereign Fund with the cooperation and involvement of the GCC region’s sovereign wealth funds. 

The Head of President’s Office of Ukraine Andriy Yermak said: “Ukraine will become the world’s largest construction point after the war, and the Gulf countries could join the process of rebuilding our state.”

The moves are designed to deepen awareness in the Arab world of the situation in Ukraine and to strengthen economic ties.

“Many people are not aware of the Muslim population in Ukraine, and the role they are playing in trying to push back the Russian aggressors,” Ukrainian MP Rustem Umerov said.

“Consequently, the commitments made by the GCC to provide support and solidarity are very much welcomed by all Ukrainians.

“This joint agreement is comprehensive, with immediate efforts designed to help on the humanitarian front, support our economy and even broadcast to the wider Arab world what is happening here in Ukraine.”

Chris Doyle, director of the London-based Council for Arab-British Understanding (Caabu), told AGBI that the move was “positive” but “very vague”. 

“The announcement hints that the Gulf may invest in Ukraine post-war, whenever that is, for mutual business and trade benefit,” he said.

Doyle said that the announcement was likely driven by Ukraine as it pushes for stronger connections with the Gulf, both politically and economically.

Referring to the largely neutral stance of the GCC states to the Russian invasion of Ukraine, Doyle said “deeper relations with the Gulf obviously matter.”

“I suspect this agreement is at the lower end of the support that Ukraine would like… the country is looking for international solidarity,” Doyle said. 

“What you see in this announcement, while positive, is still reserved in spirit. This is reflective of the general Gulf stance towards the invasion, where there has been no mention of solidarity against Russian aggression. It’s in line with that neutral stance.”

Latest articles

The funding of Midas is among the 'biggest ever' Series A fund raise by a Turkish fintech

Turkish fintech Midas raises $45m for new products

Turkish fintech startup Midas has raised $45 million in equity funding to expand its services and launch new products. The new products include cryptocurrency trading, mutual funds and savings accounts. The funding is among the “biggest ever” Series A fund raise by a Turkish fintech and comes less than three years after Midas was launched.  […]

Plenary founder and director Paul Oppenheim, Plenary CEO David Lamming and Ahmed Ali AlShamsi, director of energy and utilities at ADQ

ADQ buys stake in Australian investment company

The UAE’s investment fund ADQ has acquired a 49 percent stake in Australian infrastructure investor Plenary Group as part of its expansion drive. The Abu Dhabi state-backed company will acquire all shares currently owned by Canadian pension fund Caisse de dépôt et placement du Québec, which will continue to invest in a range of Plenary’s […]

Over 400 global food brands are taking part in the SaudiFood Manufacturing show in Riyadh this month

Saudi Arabia’s food factory count rises to 1,300

The total number of food factories operated by the Saudi Authority for Industrial Cities and Technology Zones (Modon) has reached 1,300, across 36 cities. The increase signifies the growing capacity of the domestic food industry and its localisation efforts, the state-run Saudi Press Agency reported. Food industry companies have recorded a growth rate of more […]

Garden, Nature, Outdoors

UAE commits $50m to development fund

The UAE has committed $50 million to the second phase of the Lives and Livelihoods Fund 2.0 (LLF 2.0), a multi-donor initiative targeting sustainable economic development in the Islamic Development Bank’s (ISDB) 57 member countries. The funding will be deployed by LLF 2.0 to support critical projects in health and infectious diseases, agriculture, and social infrastructure in low […]