Skip to content Skip to Search
Skip navigation

UAE prepares for ‘new era’ in Ukraine with trade deal

UAE Ukraine cepa Yulia Svyrydenko, Ukraine’s minister of economic development and trade, and Dr Thani bin Ahmed Al Zeyoudi, the UAE’s minister of state for foreign trade, sign the deal between the two countries Wam
Ukraine’s minister of economic development and trade Yulia Svyrydenko and Dr Thani bin Ahmed Al Zeyoudi, the UAE’s minister of state for foreign trade, sign the deal
  • Cepa looks to end of war with Russia
  • Deal hailed as ‘historic milestone’
  • Building on $386m non-oil trade in 2023

The UAE has finalised the terms of a trade deal with Ukraine, as the Gulf state looks to become a key player in rebuilding the country once its war with Russia is over.

The comprehensive economic partnership agreement (Cepa) aims to build on the $386 million bilateral non-oil trade between the two countries last year.

Joint foreign direct investment stood at $360 million by the end of 2022 across logistics and infrastructure, travel and tourism, and advanced technology.

Once implemented, the deal will remove or reduce tariffs on imported goods, remove barriers to trade and promote fair market access to exporters from both sides.

The deal will also support the rebuilding of industries and infrastructure in Ukraine, while helping to strengthen supply chains to the Middle East for the country’s main exports, such as grains, machinery and metals.

Dr Thani bin Ahmed Al Zeyoudi, the UAE’s minister of state for foreign trade, described Ukraine as an important ally in its food security imports. 

He said the Cepa deal would unlock new investment opportunities in sectors such as logistics, manufacturing and IT.

“The agreement will play an active role in the revitalisation of the Ukrainian economy and we look forward toward the ratification of the deal and the new opportunities it will create for the business communities on both sides,” Al Zeyoudi said.

Yulia Svyrydenko, Ukraine’s first deputy prime minister and minister of economic development and trade, said the deal marked a “historic milestone” in bilateral relations. 

The Ukraine deal is the 15th Cepa that has either already entered into force, been formally signed, or has been successfully negotiated in the UAE’s efforts to raise the value of its non-oil foreign trade to AED4 trillion by 2031.

While the Ukrainian economy has been deeply hit by the war with Russia, which began in early 2022, the UAE is positioning itself for  the future.

“We want to be ready for the next era of Ukraine,” Al Zeyoudi told Reuters.

UAE-Ukraine trade highlights
  • In February, the UAE dispatched a plane loaded with 55 tonnes of relief and medical supplies, including 360 portable electric generators, 5,000 laptops, winter clothes, blankets, and medical aid to Ukraine.
  • Arcera, a global life sciences company launched by the Abu Dhabi-based wealth fund ADQ earlier this month, has a manufacturing and packaging base in Ukraine.
  • Dubai Multi-Commodities Centre is home to more than 200 Ukrainian companies, with the number setting up in the city rising by a quarter in 2022-23.
  • The Ukrainian poultry business MHP announced an agreement last year to open a greenfield hatchery in Saudi Arabia to produce up to 108 million eggs a year.

Latest articles

Qatar Rwandair

South African Airways denies talks with Qatar Airways

South African Airways has denied it is talking to Qatar Airways about an equity injection, as observers suggest RwandAir is the Qatari carrier’s most likely target. Qatar Airways’ CEO Badr Mohammed Al Meer set rumours racing earlier this month when he revealed that the state-owned airline was “at the final stage of an equity investment” […]

The twisted Cayan Tower in Dubai Marina is among Drake & Scull's projects

Drake & Scull International shares up by 24% as trading resumes

Shares in Drake & Scull International rose by 24 percent on Wednesday as the troubled contractor resumed trading on Dubai Financial Market following a six-year suspension. DSI stock ended Wednesday at AED0.31, having started the day at AED0.25 – the price at which it sold AED450 million ($123 million) of shares earlier this month as […]

Emirates Airline cabin crew. The Investment Corporation of Dubai owns the airline and has a significant stake in Dubai's biggest bank Emirates NBD

Dubai wealth fund reports record net profit for second year running

Investment Corporation of Dubai, the Dubai government’s main investment unit, has reported a record annual net profit. Earnings were bolstered by higher interest rates and a resurgent aviation sector. ICD owns Emirates and FlyDubai airlines, travel agency Dnata, Emirates National Oil Company (Enoc) and stock exchange operator Borse Dubai.  It also holds sizeable stakes in […]

United Arab Emirates President Sheikh Mohamed bin Zayed Al Nahyan, South Korean President Yoon Suk Yeol and his wife Kim Keon Hee watch the Black Eagles, the aerobatic team of T-50 jets belonging to South Korea's air force, during a welcoming ceremony at the Presidential Office in Seoul on May 29, 2024. JUNG YEON-JE/Pool via REUTERS

Trade deal signed during UAE state visit to South Korea

The UAE has signed a trade agreement with South Korea during a two-day state visit by the Emirati president, Sheikh Mohamed bin Zayed Al Nahyan, that has resulted in deals worth billions of dollars being struck between the two countries. The UAE has become the first Arab country to formally sign a comprehensive economic partnership […]