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HomeInvestmentUkraine Pursues Economic Alliances with Saudi Arabia

Ukraine Pursues Economic Alliances with Saudi Arabia

Focus on Cleantech, Agriculture, and Energy

May 19, 2024
in Investment
Reading Time: 2 mins read
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Ukraine is actively engaging with Saudi Arabian entities to secure financial collaborations aimed at diversifying its economy. The sectors under consideration include clean technology, agriculture, and energy.

Maxim Timchenko, the CEO of DTEK, a leading Ukrainian energy firm, disclosed ongoing high-level discussions with the Public Investment Fund (PIF) and other Saudi organizations about investing in Ukraine.

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The main area of what we are discussing with PIF and other institutions is the deployment of capital in Ukraine and participation in cleantech, IT, agriculture, and energy sectors. These are the priorities where we work together so that you can be part of the recovery of Ukraine, Timchenko remarked.

Timchenko also mentioned recent talks with the head of ACWA Power, exploring potential collaborations in Ukraine and across Europe. We have operating assets. We have some solar and wind parks in development. We want to be very active in battery storage and flexible capacity investment in the grid, he explained, highlighting the intent to continue these discussions at the governmental level.

During the talks on May 17, the emphasis was on establishing financial partnerships with Saudi Arabia to aid Ukraine’s economic diversification efforts. Ukraine has the second-largest deposits of natural gas on the European continent, and of course, your technologies, your resources, and knowledge of your companies will be very helpful to explore all this potential in the gas and oil industry in Ukraine, Timchenko stated.

He emphasized the potential for such partnerships to transform Ukraine into a significant clean energy provider to Europe, leveraging Saudi Arabia’s financial prowess and strategic interests.

DTEK, which has poured more than €1.5 billion into renewable energy, is positioning itself at the forefront of the sector, with its strategies resonating with Saudi Arabia’s vision for a green transition.

These investment ambitions coincide with Saudi Arabia’s sponsorship of a notable boxing event featuring Ukrainian fighter Oleksandr Usyk and British boxer Tyson Fury in Riyadh on May 18, symbolizing broader cultural and economic ties.

Tags: Cleantecheconomic diversificationinvestment opportunitiessaudi arabiaUkraine
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