From 23 to 26 November, Minister of Economics Viktors Valainis, together with nearly 20 Latvian entrepreneurs and business organisations, will strengthen economic cooperation between the two countries during a working visit to the United Arab Emirates (UAE), according to the International Marketing and Communications Department of the Investment and Development Agency of Latvia (LIAA).
The working visit will include several high-level meetings, with a particular focus on fostering business-to-business cooperation in the fields of pharmaceuticals and biotechnology, ICT, artificial intelligence, smart energy, logistics and construction.
On Monday, 24 November, in Dubai, Valainis will meet with the UAE Minister of State for Foreign Trade, His Excellency Dr Thani bin Ahmed Al Zeyoudi, and the UAE Minister of Economy and Tourism, Abdulla bin Touq Al Marri. The third meeting of the Latvia–UAE Joint Economic Committee will also take place, alongside a Latvia–UAE business roundtable discussion and business networking events.
On Tuesday, 25 November, a Latvia–UAE Business Forum will be held in Abu Dhabi, as well as one of the key elements of the visit – meetings between the Minister and the international investment funds Mubadala and ADQ. At the same time, entrepreneurs will visit AD Ports Group, which develops and manages port, logistics, free zone and maritime trade infrastructure.
“The Ministry of Economics has set an ambitious goal – to double foreign direct investment in company equity by 2029 and attract an additional EUR 1.5 billion to the national economy. The European Union has currently begun negotiations with the United Arab Emirates on a free trade agreement, which will accelerate cooperation between the regions. This creates a favourable environment that must be utilised. The aim of these meetings is to explore sectors and project scales in which international funds would be ready to invest – for example, energy, infrastructure and food security,” explains Valainis.
The investment company Mubadala manages assets worth approximately EUR 233 billion, focusing on energy, defence, healthcare, technology and telecommunications, infrastructure, logistics and real estate. The fund already has experience investing in Europe; for example, in 2025 the European Commission approved major Mubadala investments in the Southeast European renewable energy company Rezolv Energy, headquartered in Prague, Czech Republic. Mubadala has also invested in several European technology start-ups, including Klarna, Revolut, Glovo, FirstVet and others.
Meanwhile, ADQ manages assets worth between EUR 150 and 200 billion, with its largest portfolio companies including TAQA – Abu Dhabi National Energy Company, AD Ports Group and others. The investment fund focuses on areas such as infrastructure, mobility, food and healthcare. ADQ is also actively expanding its presence in foreign markets; for example, in 2021 Reuters reported that ADQ had signed an agreement with the French Ministry of Economy and Finance to invest EUR 4.6 billion in France.
“Cooperation with the Middle East requires time and patience, not only because of geographical distance but also due to differences in business culture. These meetings are an integral part of doing business, as personal relationships, patience and an understanding of the local market and its needs are highly valued in the United Arab Emirates. The role of the Investment and Development Agency of Latvia is to foster these relationships, and we see that this gradual approach is already delivering results,” emphasises LIAA Director Ieva Jāgere.
The first UAE investments in Latvia arrived in 2024, when the Golden Field Factory LV protein production facility was opened in the Liepāja Special Economic Zone’s Karosta Industrial Park. Approximately EUR 16 million were invested, and similar facilities are planned to be developed in other Latvian cities.
Since 2020, the Latvian biomedical start-up Longenesis has supported the UAE’s national genome initiative, the Emirati Genome Programme, with its tools. In 2024, competing against nearly 2,000 start-ups, it won the Supernova Challenge 2.0 competition in Dubai and received the main prize of USD 100,000.
The LIAA Director also noted that Latvian companies are gradually beginning to participate in procurement processes in the UAE digital solutions sector. “Latvian companies have the competencies to address the needs of this market. The first steps have been taken, and we hope for positive outcomes,” added Jāgere.
The working visit to the UAE will also be attended by Katrīna Zariņa, Chairwoman of the Board of the Latvian Chamber of Commerce and Industry; Kaspars Gorkšs, Director General of the Latvian Employers’ Confederation; representatives of the Freeport of Riga Authority; and 15 entrepreneurs.
According to data from the Central Statistical Bureau, exports to the UAE reached EUR 78.97 million in 2025, compared to EUR 97.42 million in 2024. Imports amounted to EUR 5.89 million this year, compared to EUR 24.94 million last year. The main export products include electrical equipment and parts thereof, cereals, furniture, toys, games and sports equipment, optical instruments and apparatus, photographic and cinematographic equipment, measuring and control instruments and apparatus, precision instruments and equipment, medical and surgical instruments and apparatus, their parts and accessories, as well as other product groups.
This year, Latvia and the UAE mark 30 years since the establishment of diplomatic relations between the two countries. The first meeting of the Latvia–UAE Joint Economic Committee took place from 14 to 17 December 2019.
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 UAE Ministry of Foreign Trade.
The trade mission is implemented with support from 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, as well as 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 and regional business centres in Latvia, LIAA helps companies grow and positions Latvia as a safe, innovative and open country in the global economy.