On Tuesday, November 25, Minister of Economics Viktors Valainis and one of the largest port and logistics companies in the United Arab Emirates (UAE), AD Ports Group, agreed to sign a memorandum of understanding on three strategic areas of cooperation: cargo transportation, passenger terminal and port service technology development, according to the Latvian Investment and Development Agency (LIAA).
The minister added that both parties aim to sign the memorandum of understanding by the end of this year in order to assess investment opportunities and begin cooperation in early 2026. The parties also agreed to set up teams to help drive investment projects forward.
AD Ports Group is a global integrated port, logistics, maritime, free zone and digital services company. During the visit, the Latvian side presented the country as a logistics and trade hub with strong infrastructure, particularly emphasizing the importance and potential of the ports of Riga, Ventspils, and Liepaja.
"AD Ports Group's turnover has grown 11-fold in the last seven years, and in the second quarter of this year, the company's revenue reached approximately €1.5 billion, making it a strategically important partner for Latvia and Latvian ports. Today, we managed to agree on the first steps so that in the future we can talk about full-fledged cooperation, which would also benefit the economies of both countries," said Valainis.
He also pointed out that this is a clear signal that UAE entrepreneurs are interested in cooperating with Latvia specifically in economic terms.
On November 25, the visit of the Minister of Economics and the Latvian business delegation to the UAE continued in Abu Dhabi, where a Latvian-UAE business forum was held, the AD Ports Group was visited, and the minister met with the international investment funds Mubadala and ADQ.
"The cooperation between the Latvian Embassy in the United Arab Emirates and the LIAA resulted in a high-level meeting with two international investment funds that are growing rapidly and constantly looking for new opportunities. Latvia has a lot to offer – in recent years, it has purposefully developed knowledge-intensive entrepreneurship, the information and communication technology sector, smart solutions in healthcare and other areas, which may become objects of interest for these funds, but it is important to establish direct and personal contacts," emphasized Latvian Ambassador to the UAE Dana Goldfinča.
The Minister of Economics, together with representatives from the Latvian Embassy in the UAE, LIAA, and entrepreneurs, presented investment opportunities in Latvia in the fields of energy, food security, artificial intelligence, and defense to both international funds.
"I am pleased that in talks with the Mubadala Group, which manages assets worth more than USD 700 billion, we agreed that a memorandum of understanding could be signed as early as the beginning of 2026, which would be the first step towards potential fund investments in Latvia," said Valainis.
At the same time, the minister pointed out that an agreement had been reached with ADQ on regular information exchange and that the investment opportunities presented by Latvia were also in line with the fund's priorities.
"When establishing business relationships with Middle Eastern entrepreneurs, it is essential to exchange information regularly and maintain relationships. The aim of this delegation is to establish and formalize relations, for example, by signing a memorandum of understanding, which will allow us to move towards real investments and transactions," explained Ieva Jāgere, Director of the LIAA.
As previously reported, the Minister of Economics and a delegation of nearly 20 Latvian entrepreneurs and business organizations are visiting the UAE on an official visit from November 23 to 26.
During the meeting of the Latvian-UAE Joint Economic Committee, UAE Minister of Foreign Trade Dr. Thani Bin Ahmed Al Zeyoudi, highlighted the rapid growth in trade between the UAE and Latvia, which reached approximately €95 million (US$103 million) in 2024, excluding petroleum products. This positive trend continued in the first nine months of 2025, when trade between the two countries, excluding petroleum products, reached approximately €61 million (US$66.7 million). These figures confirm that the UAE is Latvia's most important trading partner in the Middle East, accounting for approximately a quarter of Latvia's total trade with Arab countries.
Al Zejudi also pointed to the close investment ties between the two countries — the UAE's accumulated direct foreign investment in Latvia reached approximately €115 million (US$125 million) by the end of the first half of 2025.
On Sunday, November 23, a meeting was held for entrepreneurs already working in the UAE. On Monday, November 24, Valainis met with the UAE Minister of Foreign Trade, His Excellency Dr. Thani bin Ahmed Al Zeyoudi, a roundtable discussion between Latvian and UAE entrepreneurs, and the third meeting of the Latvian-UAE Joint Economic Committee, during which the Latvian Chamber of Commerce and Industry signed a memorandum of understanding with the Abu Dhabi Chamber of Commerce and Industry. In the evening, a formal reception was held to mark the anniversary of Latvia's proclamation of independence and 30 years since the establishment of diplomatic relations between Latvia and the UAE.
The Latvian delegation included the following companies and organizations:
3D Engineering, AJ Power, Alūksnes Putnu fabrika, AmCraft, Asya, BSC Group, GP Systems, HMP Group, IT Camp, LAMOD, Latvian Employers' Confederation, Latvian Chamber of Commerce and Industry, Primekss, Riga Freeport Authority, SKYPARK, SUBmerge Baltic, Tilde, and VOZOROM.
The working visit is organized by the Ministry of Economics and LIAA in cooperation with the Embassy of the Republic of Latvia in the UAE and the UAE Ministry of Foreign Trade.
The trade mission is implemented with the support of the European Regional Development Fund.
Photo Second day of Latvian business delegation's visit to the United Arab Emirates
About the Investment and Development Agency of Latvia (LIAA)
LIAA promotes the competitiveness of Latvian entrepreneurs, export growth and investment attraction, as well as develops the tourism sector and implements the country's image policy. The agency acts as a state partner in business development – from idea to international markets. With an extensive network of representative offices abroad and regional business centers in Latvia, LIAA helps companies grow and positions Latvia as a secure, innovative, and open country in the global economy.
Translated with DeepL.com (free version)
