UAE buys 30% shares in Ukraine's Fire Point for $760m - BBC News
The United Arab Emirates is buying 30% shares of the Ukrainian defence company Fire Point approximately for $760 million. This is reported by the BBC News.
It is noted that the agreement with the Emirati defence group EDGE already submitted to the Antimonopoly Committee of Ukraine to obtain a permit.
Who is EDGE
EDGE was established in 2017, is headquartered in Abu Dhabi. The Defence Group brings together more than 35 companies, operating in six key clusters:
weapons,
missile systems,
space and cybersecurity,
commercial solutions,
advanced technologies,
security.
EDGE is considered to be one of the largest defence conglomerates in the Middle East and is actively investing in high-tech military developments.
What Fire Point does
Ukrainian company Fire Point specialises in the production of long-range percussion systems. In particular, it produces:
drones FP-1 і FP-2;
rockets «Flamingo».
In addition, the company reported on plans to produce a ballistic missile, This makes Fire Point one of the key players in the Ukrainian defence industry.
The value of the deal
An agreement with EDGE can be one of the largest foreign investments in the Ukrainian defence industry during a full-scale war. It opens up opportunities for:
scaling up production;
access to international markets;
technological cooperation with partners from the Middle East.
Finalisation of the deal is possible after the decision of the Antimonopoly Committee of Ukraine.
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