UAE to help Ukraine in creating sovereign fund

The United Arab Emirates will help Ukraine in the creation of a sovereign fund, involving the experience and expertise of one of the world's largest sovereign funds, ADQ, and their consultants from the company Contango.

Source: Press service of the Office of the President

Details: The relevant agreements were reached during a meeting between Andrii Yermak, the head of the Office of the President and a UAE delegation led by Mariam Almheiri, the UAE Minister of Climate Change and Environment, head of the Office of International Affairs under the UAE President, who arrived on a visit to Ukraine.

In addition, the parties also touched on the issue of further expansion of Ukraine-UAE cooperation, in particular in the trade, economic and investment sectors.

The issue of the environmental and humanitarian consequences of the terrorist attack committed by the Russian Federation at the Kakhovka Hydroelectric Power Plant was discussed. The head of the Office of the President spoke about the urgent needs of Ukraine and called on the UAE to join the efforts of the international community to eliminate the consequences of this man-made disaster.

Additionally, the State Property Fund and Contango signed a memorandum of cooperation on 10 June.

Contango is owned by ADQ – one of the UAE's largest Sovereign Wealth Funds – and is focused on delivering high-quality transformation and productivity programs. Its knowledge, experience and deep analytical resources will be of valuable assistance to the State Property Fund in the development and implementation of the Sovereign Fund's management strategy and the achievement of its key goals.

Background: One of the largest banks in the UAE – Emirates NBD – will begin transferring the assets of Russians to separate accounts, where all payments on securities owned by them will go.

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