UAE’s EDGE Group signs $1bn defence agreement with Ukrainian state-owned companies

UAE defence technology specialist, EDGE, has signed a strategic agreement valued at $1bn with Ukrainian defence companies UkrOboronProm and Ukrspecexport.

UkrOboronProm is a Ukrainian state-owned defence conglomerate which was established in 2010 for the management of the enterprises of the military-industrial complex. The conglomerate unites more than 100 companies in five major defence industry sectors, particularly in armament and military equipment development and manufacture, scientific research and export-import operations.

“This strategic agreement is a result of our cooperation with EDGE Group, and is a significant step in joint development and cooperation between our sides. It is very symbolic that this agreement was signed during the official visit of the President of Ukraine to the UAE,” said Yuriy Husev, director general of UkrObornProm.

#LeadingEDGE signs a tri-party strategic cooperation agreement with @ukroboronprom and Ukrspecexport. The agreement will enable the three entities to exchange and develop advanced technologies that could lead to over US$1 billion worth of investments: https://t.co/L5YFMJEO3x pic.twitter.com/58sKukt8yt

— EDGE (@_edgegroup) February 15, 2021

Ukrainian President Volodymyr Zelensky was also in Dubai –  home to over 200 large Ukranian companies – on Monday on his first visit to the Middle East. During his visit to the emirate he met with Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

With Ukrainian President Volodymyr Zelensky in Dubai on his first visit to the Middle East. We have a mutual visa waiver agreement and a fast-growing $1 billion trade exchange. Dubai is home to 200 large Ukranian companies. We look forward to growing our bilateral ties. pic.twitter.com/AUgbQIdyLL

— HH Sheikh Mohammed (@HHShkMohd) February 15, 2021

Ukrspecexport meanwhile is also a Ukrainian state-owned company which specialises in armament, ammunition, military and special equipment, spare parts and components, explosives, as well as other products which can be used for the development and manufacture of armament, military and special equipment.

It carries out repairs, maintenance and upgrades of armament and military equipment of foreign customers, and also exports up-to-date technologies.

Faisal Al Bannai, CEO and managing director of EDGE said, “EDGE places a strong emphasis on joint development and collaboration. Signing this tri-party agreement demonstrates our intent to cooperate with leading international companies within the defence industry. We are excited about the opportunities for the UAE and Ukraine to collaborate, exchange, and mutually benefit from one another’s military and technical capabilities.”

The agreement was signed at the Emirates Palace in Abu Dhabi, and comes shortly before the mega defence expo, IDEX, commences in the emirate on February 21.