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EWEC, ACWA Power Sign Deal for Abu Dhabi Desalination Facility

FILE PHOTO: General view of Abu Dhabi, United Arab Emirates, January 3, 2019. Picture taken January 3, 2019. REUTERS/ Hamad I Mohammed/File Photo
FILE PHOTO: General view of Abu Dhabi, United Arab Emirates, January 3, 2019. Picture taken January 3, 2019. REUTERS/ Hamad I Mohammed/File Photo
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EWEC, ACWA Power Sign Deal for Abu Dhabi Desalination Facility

FILE PHOTO: General view of Abu Dhabi, United Arab Emirates, January 3, 2019. Picture taken January 3, 2019. REUTERS/ Hamad I Mohammed/File Photo
FILE PHOTO: General view of Abu Dhabi, United Arab Emirates, January 3, 2019. Picture taken January 3, 2019. REUTERS/ Hamad I Mohammed/File Photo

The Emirates Water and Electricity Company and Saudi Arabia’s ACWA Power have signed the water purchase agreement for the world’s largest sea water reverse osmosis desalination plant to be constructed at Taweelah Power and Water Complex, 50 km north of Abu Dhabi, at a cost of up to $900 million.

The Taweelah IWP will be the first stand-alone independent water project in Abu Dhabi.

Emirates Water and Electricity Company had awarded the project to ACWA Power in January 2019.

The project, when constructed, will set a world record by utilizing the lowest amount of energy per gallon of desalinated water produced.

“Our decision to bid for the Taweelah IWP demonstrates our confidence in the Emirates Water and Electricity Company as a reliable partner and confirms our commitment to contribute to the development of the United Arab Emirates by increasing our participation in the power generation and water desalination sectors,” said President and CEO of ACWA Power Paddy Padmanathan.

“Through the Taweelah IWP and the enabling environment provided by Abu Dhabi, we are proud to be setting new global bench marks in both the cost of desalinated water and the energy consumed in producing that water.”

Following the final award, construction of the project has started with the completion expected in October 2022. The plant is expected to deliver 909,200 cubic meter of water per day to support the industries and the community at Al Taweelah and the surrounding areas. The plant will also play a role in catering to Abu Dhabi’s peak water demand, which is expected to rise by 11 percent between 2017 and 2024.

“This is an especially significant project, not only because of its scale but also in its role in securing cost-effective and energy efficient potable water supply for Abu Dhabi,” said Chief Investment Officer of ACWA Power Rajit Nanda.

“This project is yet another testament to ACWA Power living its mission of reliably delivering electricity and desalinated water at the lowest possible cost.”

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Business

BlackRock to Launch PIF-backed Saudi Investment Platform

Larry Fink, Chairman and CEO of BlackRock, speaks during an interview with CNBC on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 14, 2023. REUTERS/Brendan McDermid/File Photo Purchase Licensing Rights
Larry Fink, Chairman and CEO of BlackRock, speaks during an interview with CNBC on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 14, 2023. REUTERS/Brendan McDermid/File Photo Purchase Licensing Rights
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BlackRock to Launch PIF-backed Saudi Investment Platform

Larry Fink, Chairman and CEO of BlackRock, speaks during an interview with CNBC on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 14, 2023. REUTERS/Brendan McDermid/File Photo Purchase Licensing Rights
Larry Fink, Chairman and CEO of BlackRock, speaks during an interview with CNBC on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 14, 2023. REUTERS/Brendan McDermid/File Photo Purchase Licensing Rights

The world's largest asset manager BlackRock (BLK.N), said on Tuesday it plans to launch a new investment platform in Saudi Arabia, backed by up to $5 billion from Saudi sovereign wealth fund the Public Investment Fund (PIF).

BlackRock and PIF said they had signed a memorandum of understanding under which BlackRock would establish a Riyadh-based multi-asset investment platform.

The two parties said the platform would accelerate growth of Saudi Arabia's capital markets, with a Riyadh-based investment team looking to raise additional funds locally and overseas.

A BlackRock spokesperson said its platform would be focused on Saudi Arabia but would span investments across the Middle East and North Africa, including infrastructure and credit within private markets and equities in public markets.

BlackRock chairman and CEO Larry Fink said that Saudi Arabia had become an "increasingly attractive" destination for international investment.

PIF's deputy governor Yazeed A. Al-Humied said the agreement would help make the Saudi investment market more internationally diverse and dynamic.

Business

G7 Agree to Quit Coal in Power Generation by 2035

Smoke and steam billow from Belchatow Power Station, Europe's largest coal-fired power plant powered by lignite, operated by Polish utility PGE, in Rogowiec, Poland, November 22, 2023. REUTERS/Kacper Pempel/File Photo Purchase Licensing Rights
Smoke and steam billow from Belchatow Power Station, Europe's largest coal-fired power plant powered by lignite, operated by Polish utility PGE, in Rogowiec, Poland, November 22, 2023. REUTERS/Kacper Pempel/File Photo Purchase Licensing Rights
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G7 Agree to Quit Coal in Power Generation by 2035

Smoke and steam billow from Belchatow Power Station, Europe's largest coal-fired power plant powered by lignite, operated by Polish utility PGE, in Rogowiec, Poland, November 22, 2023. REUTERS/Kacper Pempel/File Photo Purchase Licensing Rights
Smoke and steam billow from Belchatow Power Station, Europe's largest coal-fired power plant powered by lignite, operated by Polish utility PGE, in Rogowiec, Poland, November 22, 2023. REUTERS/Kacper Pempel/File Photo Purchase Licensing Rights

Energy ministers from the Group of Seven (G7) major democracies agreed on Tuesday to end the use of coal in power generation during the first half of the next decade, but gave leeway to Germany and Japan whose economies depend on the fuel.

The agreement is a further step in the direction indicated last year by the COP28 United Nations climate summit to reduce use of fossil fuels, of which coal is the most polluting.

"It is the first time that a path and a target has been set on coal," said minister Gilberto Pichetto Fratin, who chaired the two-day meeting in a former royal residence near Turin, Reuters reported.

However, the G7 communique also included an alternative goal of phasing out coal-fired power plants "in a timeline consistent with keeping a limit of a 1.5°C temperature rise within reach, in line with countries' net-zero pathways".

Limiting temperature rises to 1.5 Celsius (2.7F) above pre-industrial levels, scientists have said, can prevent the most severe consequences of climate change.

The caveat, according to sources who requested anonymity, was included to grant room for manoeuvre to Germany and Japan.

In view of the impact of Russia's invasion on Ukraine on Europe's fuel security, it also offers flexibility in case of a new, unexpected conflict, Italy's energy minister told the closing news conference on Tuesday.

Support from many governments for strong climate action has faded as economic weakness has made them focus on the immediate cost and it remains to be seen how Germany and Japan will move to reduce the use of coal, which produces more than a quarter of their electricity.

Germany has written into its legislation a final target to shut coal plants by 2038, while the current government has expressed the will to phase out coal by 2030, and Japan has not set a date.

German Economy Ministry State Secretary Anja Hajduk told Reuters Tuesday's deal was an important achievement.

Business

Mosaic to Sell Stake in Saudi JV to Ma'aden for $1.5 Billion in Stock

One of the factories affiliated with the Saudi Ma’aden Company (File/AAWSAT)
One of the factories affiliated with the Saudi Ma’aden Company (File/AAWSAT)
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Mosaic to Sell Stake in Saudi JV to Ma'aden for $1.5 Billion in Stock

One of the factories affiliated with the Saudi Ma’aden Company (File/AAWSAT)
One of the factories affiliated with the Saudi Ma’aden Company (File/AAWSAT)

Fertilizer maker Mosaic Co (MOS.N) said on Tuesday that Saudi Arabia's firm Ma'aden would acquire the US-based company's stake in a phosphate production joint venture by issuing shares worth about $1.5 billion.

Ma'aden will issue about 111 million shares to buy the 25% stake Mosaic owns in Ma'aden Wa'ad Al Shamal Phosphate Co, a joint venture between Mosaic, Ma'aden and Saudi Basic Industries (2010.SE), opens new tab Corp.

Mosaic had said in February that a lot of the cash generated from the asset had gone into reducing debt and investing in the joint venture was not at the top of its priority, Reuters reported.

The phosphate producer curtailed output after fertilizer prices dropped last year due to lukewarm demand from key markets.

The deal is expected to close by the end of this year.

Business

Riyadh WEF Special Meeting Calls for Tech Use in Global Economic Growth

Saudi Arabia's Minister of Economy and Planning Faisal Alibrahim speaks during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed
Saudi Arabia's Minister of Economy and Planning Faisal Alibrahim speaks during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed
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Riyadh WEF Special Meeting Calls for Tech Use in Global Economic Growth

Saudi Arabia's Minister of Economy and Planning Faisal Alibrahim speaks during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed
Saudi Arabia's Minister of Economy and Planning Faisal Alibrahim speaks during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed

Leaders from around the world are stressing the importance of boosting global growth and tackling economic challenges, calling for urgent action to chart a sustainable future.

Riyadh had hosted global leaders for a two-day World Economic Forum (WEF) special meeting in Riyadh.

The Special Meeting on Global Collaboration, Growth and Energy for Development 2024 - held under the patronage of Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia - brought together key leaders to exchange perspectives, consider new data, and advance high-impact partnerships.

Attendees at the meeting stressed the importance of working together to boost sustainable economic growth and tackle obstacles.

They highlighted the need to use technology wisely amid global changes, aiming not just for economic growth but also to fix systemic issues.

They urged unified efforts to address economic slowdowns and build resilience by pooling expertise and resources to create new strategies for growth, job creation, and fair opportunities in building stronger economies.

Wide-ranging discussions at the WEF meeting delved into geopolitical and technological developments, with a focus on artificial intelligence, cybersecurity, renewable energy, logistics sectors, and other economic issues confronting the world.

Saudi Economy Minister Faisal Alibrahim stated that the global economy is still facing slow growth. He stressed the need for fair technology distribution, saying it could boost growth in less developed countries.

During the final plenary session, Alibrahim announced that the Kingdom joined the AI Governance Alliance, and will co-launch the ‘Inclusive AI Initiative for Growth and Development’, to develop solutions for AI access and adoption.

Alibrahim also highlighted Saudi Arabia’s fast-growing non-oil sectors since Vision 2030, aiming for a diverse economy led by productivity. He mentioned Saudi Arabia’s adaptability to AI technologies.

Additionally, Alibrahim discussed the recent conflicts in the Middle East, suggesting that peace in the region would help economic progress.

“We may end up with this decade being remembered as the Turbulent Twenties or the Tepid Twenties, and what we actually want is Transformational Twenties,” said Kristalina Georgieva, Managing Director of the International Monetary Fund.

“Over the next 100 years leaders must aim for the same degree of wealth as that created over the past 100 years, but with a much better distribution of the benefits of growth,” she added.

Business

Al-Ghais: It's about Reducing Emissions, Not the Demand for Crude

Workers in an oil field in Hubei Province, China (Reuters)
Workers in an oil field in Hubei Province, China (Reuters)
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Al-Ghais: It's about Reducing Emissions, Not the Demand for Crude

Workers in an oil field in Hubei Province, China (Reuters)
Workers in an oil field in Hubei Province, China (Reuters)

The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, stressed that the pace at which global demand for energy is increasing means that alternatives cannot replace oil in the same proportion.
Al-Ghais wrote an opinion piece for the media platform Middle East Economic Survey (MEES) entitled, “It’s about reducing emissions, not oil demand”, in which he talked about the spread of terms such as “the end of oil,” which reduce or ignore key details related to current and future demand for oil.
“Such assertions, despite all evidence to the contrary, are all the more dangerous given their potential to foster energy policies that stoke energy chaos,” Al-Ghais said, adding: “What if investments in supply fall as a result, but demand for oil keeps increasing, as we are seeing today?”
He continued: “Although the main goal of the Paris Agreement on climate change is to reduce emissions – not to choose energy sources – it feels like this has been forgotten, replaced by rigid narratives to reduce demand for hydrocarbons without thinking through the effects on energy security, socio-economic development, or reducing energy poverty.”
He stressed that such narratives “forget that oil continues to be irreplaceable in fostering global prosperity and maintaining energy security.”
Touching on the centrality of oil, the OPEC secretary general wrote: “It is sometimes easy to forget just how critical oil is to our everyday lives, but without it we would not have gasoline, heating oil, jet fuel, syringes, soap, computers, car tires, contact lenses, artificial limbs, many types of medicine and much more. The fiberglass, resin and plastic needed to construct most wind turbines and the ethylene for solar panels would not exist either.”
He added: “The reality is that the end of oil is not in sight. Oil continues to make up almost a third of the global energy mix today and global oil demand continues to rise.”
In another article published on the OPEC website, Al-Ghais called on all job seekers, of all generations, to consider working in the oil industry, stressing that it is “an opportunity... to provide energy to the world.”
“The oil and gas industry has a significant role to play in employment globally. In terms of direct employment, the industry recruits highly skilled and specialized workers, but its impact extends far beyond this. For local and national economies, it has significant multiplier benefits, generating opportunities for a wide range of businesses. This includes various other parts of the manufacturing supply chain, transportation companies, hotels, restaurants and shops. All told, the oil industry alone supports around 70 million jobs worldwide,” he stated.
In this context, Al-Ghais voiced concern over reports of a “‘hiring crisis’ facing the industry, an impending labor shortage, that the younger generation is being ‘put off’ from pursuing a career in the industry, and that fewer petroleum related subjects are being offered at universities.”
He noted that a number of factors could be behind these trends, “including the perception that the industry is not a viable long-term employment option, driven by the misguided view that oil is not part of a sustainable energy future.”
He stressed that the oil industry is spread all over the world, and is found in regions, towns, villages and communities, where it has the main say.
“At OPEC, we have a clear and consistent message on oil industry jobs – the world will need more of them! We foresee oil demand growing to 116 mb/d by 2045 and to meet this, and further evolve technologies to reduce emissions, we will need more workers,” Al-Ghais underlined.
He concluded by saying: “And finally, to all jobseekers – of all generations ̶ I encourage you to consider a career in the oil industry. It is one of boundless opportunities for professional fulfillment, and a vital cog in providing energy to the world.”

 

 

Business

Abdulaziz bin Salman: Saudi Arabia Has Adopted Circular Carbon Economy Since 2019

The Saudi Minister of Energy speaking to the audience during the special meeting of the World Economic Forum in Riyadh (Asharq Al-Awsat)
The Saudi Minister of Energy speaking to the audience during the special meeting of the World Economic Forum in Riyadh (Asharq Al-Awsat)
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Abdulaziz bin Salman: Saudi Arabia Has Adopted Circular Carbon Economy Since 2019

The Saudi Minister of Energy speaking to the audience during the special meeting of the World Economic Forum in Riyadh (Asharq Al-Awsat)
The Saudi Minister of Energy speaking to the audience during the special meeting of the World Economic Forum in Riyadh (Asharq Al-Awsat)

Saudi Minister of Energy Prince Abdulaziz bin Salman said that the Kingdom was focusing on transforming energy management methods into economically valuable and environmentally beneficial systems, in line with climate change initiatives.

He added that Saudi Arabia has adopted the circular carbon economy model since 2019, a concept further endorsed during its G20 presidency in 2020.

Speaking during a session entitled, “Advancing Carbon Capture and Utilization Innovations through Global Partnerships”, on the sidelines of the special meeting of the World Economic Forum in Riyadh, the Saudi minister noted that electricity production in the Kingdom is provided at the lowest cost and at competitive prices.

He stressed that the government has a number of programs and projects that are aimed at reducing costs and maintaining competitiveness in electricity production.

This not only attracts investment but also emphasizes the Kingdom’s commitment to energy security and sustainability, he remarked.

According to Prince Abdulaziz, the Saudi government is committed to achieving energy security and sustainability. He pointed to the Energy Efficiency Program launched in 2011, highlighting its unique position in realizing the state’s targets and advancing the circular carbon economy.

The minister discussed the potential benefits of carbon dioxide sinking, which could produce more carbonates and foster recycling applications, aligning with the Saudi Green Initiative and aiding climate change mitigation efforts.

He added that maintaining competitive prices will attract more investments into electricity and energy production in the Kingdom, noting that Saudi Arabia aims to determine the pace of the energy industry’s transition based on a future system supported by renewable energy sources.

Business

Oil Slips as Investors Eye Israel-Gaza Truce Talks

The Olmeca oil refinery stands at the Dos Bocas port in Paraiso, Tabasco state, Mexico, Nov. 30, 2023. (AP Photo/Felix Marquez)
The Olmeca oil refinery stands at the Dos Bocas port in Paraiso, Tabasco state, Mexico, Nov. 30, 2023. (AP Photo/Felix Marquez)
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Oil Slips as Investors Eye Israel-Gaza Truce Talks

The Olmeca oil refinery stands at the Dos Bocas port in Paraiso, Tabasco state, Mexico, Nov. 30, 2023. (AP Photo/Felix Marquez)
The Olmeca oil refinery stands at the Dos Bocas port in Paraiso, Tabasco state, Mexico, Nov. 30, 2023. (AP Photo/Felix Marquez)

Oil edged down on Tuesday after Israel-Hamas ceasefire talks in Cairo helped quell market fears of an expanding conflict in the Middle East, while worries about the outlook for US interest rates dragged on the market.

Brent crude futures dipped 19 cents, or 0.21%, to $88.21 a barrel at 0630 GMT, while US West Texas Intermediate crude futures slipped 20 cents, or 0.24%, to $82.43 a barrel, Reuters reported.

The front-month contract of both benchmarks lost more than 1% on Monday.

"The ongoing negotiation for a potential ceasefire between Israel and Hamas has led market participants to further unwind the geopolitical risk premium in oil prices, while the upcoming Fed meeting also drives some near-term reservations," said Yeap Jun Rong, market strategist at IG.
"Rates being kept at elevated levels for longer could trigger a further rise in the US dollar, while also putting some risks to oil demand outlook."
Hamas negotiators left Cairo late on Monday to consult with the group's leadership after talks with Qatari and Egyptian mediators on a response to a phased truce proposal that Israel presented on the weekend.
The delegation was expected to report back within two days, two Egyptian security sources said.
On the economic front, investors are on watch this week for the US Federal Reserve's May 1 policy review, with stubborn inflation pushing out market expectations for any rate cuts, which could bolster the US dollar and hamper oil demand.
Some investors are cautiously pricing a higher probability that the Fed could hike interest rates by a quarter percentage point this year and next as inflation and the labor market remain resilient.
Additionally, concerns over demand have also weighed on sentiment, ANZ analysts said in a research note, as premiums for diesel and heating oil over crude oil have fallen to their lowest level in months.
"The four-week average consumption in the US is near the average seasonal low of the past five years," said ANZ, citing data from the Energy Information Administration (EIA).

Business

Asia's First Spot Bitcoin, Ether ETFs Start Trading in Hong Kong

Hong Kong on Tuesday launched trading of Asia's first spot bitcoin and ether exchange-tranded funds. DALE DE LA REY / AFP
Hong Kong on Tuesday launched trading of Asia's first spot bitcoin and ether exchange-tranded funds. DALE DE LA REY / AFP
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Asia's First Spot Bitcoin, Ether ETFs Start Trading in Hong Kong

Hong Kong on Tuesday launched trading of Asia's first spot bitcoin and ether exchange-tranded funds. DALE DE LA REY / AFP
Hong Kong on Tuesday launched trading of Asia's first spot bitcoin and ether exchange-tranded funds. DALE DE LA REY / AFP

Hong Kong on Tuesday launched trading of Asia's first spot bitcoin and ether exchange-traded funds (ETFs), moving forward in the city's race to become a regional virtual asset investment hub.
The debut comes three months after the United States gave the greenlight to ETFs pegged to bitcoin's spot price, making it easier for mainstream investors to add the unit to their portfolio, AFP said.
Hong Kong's pioneering crypto ETFs on the city's bourse include six funds issued by three managers -- Bosera Funds, China Asset Management (Hong Kong) Limited and Harvest Global Investments.
Each company issued a spot bitcoin and a spot ether ETF, which can be traded in both Hong Kong and US dollars, while ChinaAMC (HK) also allowed trading in Chinese yuan.
In the first 30 minutes of trading on Tuesday, the new ETFs all recorded a price rise of between 0.62 percent and 3.81 percent.
CCData, a digital assets analysis firm, said Friday that the new funds were "predicted to not attract the same level of inflows as those in" the United States.
But "industry experts believe they might encourage other nations to approve cryptocurrency ETFs and could help promote the wider adoption of digital assets", it said.
Hong Kong also allows investors to carry out in-kind creation and redemption through eligible dealers. That means bitcoin and ether -- instead of official currencies like the US dollar -- can be used to invest in the ETFs.
Han Tongli, CEO of Harvest Global, said having in-kind trading in Hong Kong was an "obvious advantage over the United States".
"I believe we are not rivalling against our peers in Hong Kong but the large fund management companies in the US," Han said, according to Hong Kong-based news outlet Techub News.
"We are competing with them on behalf of Hong Kong, we are defending and developing Hong Kong's status as an international financial hub."
Han added that Hong Kong could also be a sandbox for China to test virtual asset trading -- which remains banned in the mainland.
In the United States, demand for bitcoin ETFs has slowed after a strong start in early February, according to data from Farside Investors.
Hong Kong has been trying to edge ahead as a regional digital asset hub.
Last December, the city's regulatory Securities and Futures Commission said it was ready to allow retail investors to buy funds that are 100 percent invested in some of the digital assets, triggering the first wave of applications from fund managers.

Business

QatarEnergy Signs $6bn Deal with China Shipbuilder

QatarEnergy Signs $6bn Deal with China Shipbuilder
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QatarEnergy Signs $6bn Deal with China Shipbuilder

QatarEnergy Signs $6bn Deal with China Shipbuilder

A Chinese ship-building giant will construct 18 huge gas carriers for QatarEnergy under a $6 billion deal the Gulf firm announced on Monday, hailing it as the largest ever such contract.

The China State Shipbuilding Corporation (CSSC) is set to deliver eight Liquified Natural Gas (LNG) vessels in 2028 and 2029, and the others in 2030 and 2031, the energy company said, AFP reported.

The LNG carriers will be built at China's Hudong-Zhonghua shipyard and measure 271,000 cubic metres each, the emirate's state-owned company said in a statement following a signing ceremony in Beijing.

"With a total value of almost $6 billion for these ultra-modern, largest ever LNG vessels by size, the agreement we signed today is the industry's largest single shipbuilding contract ever," said Energy Minister Saad al-Kaabi, who is also QatarEnergy's CEO.

Asian economies led by China, Japan and South Korea have been the main market for Qatari gas, but demand has also grown from European countries since Russia's war on Ukraine threw supplies into doubt.

Business

UAE, Ukraine Conclude Talks on Bilateral Trade Deal

The conclusion of negotiations was confirmed with the signing of a joint statement by UAE's Minister of State for Foreign Trade, and Ukraine’s First Deputy Prime Minister and Minister of Economic Development and Trade. WAM
The conclusion of negotiations was confirmed with the signing of a joint statement by UAE's Minister of State for Foreign Trade, and Ukraine’s First Deputy Prime Minister and Minister of Economic Development and Trade. WAM
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UAE, Ukraine Conclude Talks on Bilateral Trade Deal

The conclusion of negotiations was confirmed with the signing of a joint statement by UAE's Minister of State for Foreign Trade, and Ukraine’s First Deputy Prime Minister and Minister of Economic Development and Trade. WAM
The conclusion of negotiations was confirmed with the signing of a joint statement by UAE's Minister of State for Foreign Trade, and Ukraine’s First Deputy Prime Minister and Minister of Economic Development and Trade. WAM

The United Arab Emirates and Ukraine have completed negotiations for a bilateral trade deal, according to a joint statement released on Monday, ahead of its formal signing.

The conclusion of negotiations was confirmed with the signing of a joint statement by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Ukraine’s First Deputy Prime Minister and Minister of Economic Development and Trade, Yulia Svyrydenko.

The Comprehensive Economic Partnership Agreement (CEPA) will remove or reduce tariffs on a range of good and products, remove trade barriers and ease market access to exporters from both sides, the statement said.

In addition, the CEPA will also "support Ukraine's recovery and the rebuilding of key industries and infrastructure, while also helping to strengthen supply chains to the (Middle East and North Africa) region for major exports such as grains, machinery and metals."

“Ukraine is a bridge to Europe for our exporters and an important ally in our food security imports. Once implemented, the CEPA will offer Ukraine’s industrialists and entrepreneurs a new platform from which they can expand into the growth markets of Asia and Africa through the UAE, while unlocking new investment pathways that can reconstitute sectors such as logistics, manufacturing and IT and rebuild essential infrastructure,” said Al Zeyoudi.

He added: “The agreement will play an active role in the revitalization 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.”

Svyrydenko said that the conclusion of the CEPA negotiations marks a historic milestone in the bilateral relations of the two countries.

“I am confident that the Ukrainian and Emirati business communities will fully capitalize on the opportunities presented by the Ukraine-UAE CEPA, thereby unlocking the immense potential in our trade and economic cooperation,” she added.