On Tuesday, 25 November, 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 covering three strategic areas of cooperation – cargo transportation, the development of passenger terminal and port services technologies, the Investment and Development Agency of Latvia (LIAA) reported.
The Minister added that both sides aim to sign the memorandum of understanding by the end of this year, in order to assess investment opportunities and launch cooperation at the beginning of 2026. The parties also agreed to establish dedicated teams to help advance investment projects.
AD Ports Group is a global integrated ports, logistics, maritime, free zone and digital services company. During the visit, the Latvian side presented Latvia as a logistics and trade hub with strong infrastructure, highlighting in particular the importance and potential of the ports of Riga, Ventspils and Liepāja.
“AD Ports Group’s turnover has increased elevenfold over the past seven years, and in the second quarter of this year the company’s revenues reached approximately EUR 1.5 billion. Therefore, this is a strategically important partner for Latvia and Latvian ports. Today we managed to agree on the first steps towards future comprehensive cooperation that would bring benefits to the economies of both countries,” said Valainis.
He also noted that this is a clear signal of the interest of UAE businesses in cooperating with Latvia from an economic perspective.
On 25 November, the visit of the Minister of Economics and the Latvian business delegation to the UAE continued in Abu Dhabi, where the Latvia–UAE Business Forum took place, along with a visit to AD Ports Group, and meetings between the Minister and the international investment funds Mubadala and ADQ.
“The joint efforts of the Embassy of Latvia in the United Arab Emirates and LIAA resulted in high-level meetings with two international investment funds that are growing rapidly and constantly seeking new opportunities. Latvia has much to offer – in recent years it has purposefully developed knowledge-intensive entrepreneurship, the information and communication technology sector, smart solutions in healthcare and other fields, which could become areas of interest for these funds. However, it is essential to build direct and personal contacts,” emphasised the Ambassador of Latvia to the UAE, Dana Goldfinch.
Together with representatives of the Embassy of Latvia in the UAE, LIAA and Latvian entrepreneurs, the Minister of Economics presented investment opportunities in Latvia in the fields of energy, food security, artificial intelligence and defence to both international funds.
“I am pleased that in discussions with representatives of the Mubadala Group, which manages assets worth more than USD 700 billion, we agreed that a bilateral memorandum of understanding could be signed as early as the beginning of 2026. This would be the first step towards potential investments by the fund in Latvia,” said Valainis.
At the same time, the Minister noted that an agreement had been reached with ADQ on regular information exchange, and that the investment opportunities presented by Latvia also align with the fund’s priorities.
“When building business relations with Middle Eastern partners, regular information exchange and relationship maintenance are essential. The aim of these delegations is to establish and formalise relationships, for example by signing memoranda of understanding, which then allow progress towards real investments and transactions,” explained LIAA Director Ieva Jāgere.
As previously reported, the Minister of Economics and a delegation of nearly 20 Latvian entrepreneurs and business organisations are paying an official visit to the UAE from 23 to 26 November.
During the meeting of the Latvia–UAE Joint Economic Committee, the UAE Minister of State for Foreign Trade, Dr Thani bin Ahmed Al Zeyoudi, highlighted the rapid growth in trade between the UAE and Latvia, which reached approximately EUR 95 million (USD 103 million) in 2024, excluding petroleum products. This positive trend continued in the first nine months of 2025, when bilateral non-oil trade reached around EUR 61 million (USD 66.7 million). These figures confirm that the UAE is Latvia’s most important trading partner in the Middle East, accounting for approximately one quarter of Latvia’s total trade with Arab countries.
Al Zeyoudi also pointed to strong investment ties between the two countries, noting that accumulated UAE foreign direct investment in Latvia had reached approximately EUR 115 million (USD 125 million) by the end of the first half of 2025.
On Sunday, 23 November, a meeting was held with entrepreneurs already operating in the UAE. On Monday, 24 November, Valainis met with the UAE Minister of State for Foreign Trade, His Excellency Dr Thani bin Ahmed Al Zeyoudi. A Latvia–UAE business roundtable discussion and the third meeting of the Latvia–UAE Joint Economic Committee also took place, 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 ceremonial 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.
Companies and organisations included in the Latvian delegation:
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, Freeport of Riga Authority, SKYPARK, SUBmerge Baltic, Tilde and VOZOROM.
The working visit is organised 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 State for Foreign Trade.
The trade mission is implemented with the support of the European Regional Development Fund.
About the Investment and Development Agency of Latvia (LIAA)
LIAA promotes the competitiveness of Latvian entrepreneurs, export growth and investment attraction, develops the tourism sector and implements Latvia’s national branding policy. The agency acts as a state partner in business development – from idea to international markets. With an extensive network of foreign representations abroad and regional business centres in Latvia, LIAA helps companies grow and positions Latvia as a safe, innovative and open country in the global economy.
