BAKU, Azerbaijan, November 24. Latvian Minister of Economics, Viktors Valainis, is heading a delegation comprising nearly 20 Latvian companies and business organizations on an official working visit to the United Arab Emirates (UAE) from November 23 to 26, aimed at enhancing bilateral economic cooperation, Trend reports via Latvian Investment and Development Agency (LIAA).
The mission includes several high-level meetings and a strong focus on building business partnerships across key sectors such as pharmaceuticals and biotechnology, information and communication technologies, artificial intelligence, smart energy, logistics, and construction.
On Monday, November 24, in Dubai, Minister Valainis will meet with UAE Minister of State for Foreign Trade H.E. Dr. Thani bin Ahmed Al Zeyoudi and UAE Minister of Economy and Tourism Abdulla bin Touq Al Marri. The agenda also includes the third session of the Latvia–UAE Joint Economic Committee, a roundtable discussion between Latvian and Emirati businesses, and dedicated networking events.
On Tuesday, November 25, in Abu Dhabi, the delegation will participate in the Latvia–UAE Business Forum. A key part of the visit will be Valainis’s meetings with major international investment funds “Mubadala” and “ADQ.” In parallel, Latvian business representatives will visit AD Ports Group, a major operator in ports, logistics, free economic zones, and maritime trade infrastructure.
Minister Valainis emphasized that Latvia has set an ambitious goal: to double foreign investment into company equity by 2029 and attract an additional 1.5 billion euros to the national economy. He noted that ongoing EU–UAE free trade negotiations also create favorable conditions for deeper cooperation. According to Valainis, the meetings aim to identify sectors and project scales where international funds are ready to invest, such as energy, infrastructure, and food security.
Mubadala manages approximately 233 billion euros in assets, with a portfolio spanning energy, defense, healthcare, technology, telecommunications, logistics, real estate, and infrastructure. The fund has a strong investment record in Europe, including large-scale renewable energy investments in Rezolv Energy and backing multiple European tech startups such as Klarna, Revolut, Glovo, and FirstVet.
ADQ manages between 150–200 billion euros in assets and holds major stakes in companies such as TAQA – Abu Dhabi National Energy Company and AD Ports Group. Its investment focus includes infrastructure, mobility, food, and healthcare. ADQ has been expanding internationally, including a notable €4.6 billion investment agreement with the French Ministry of Economy and Finance in 2021.
LIAA Director Ieva Jāgere highlighted that cooperation with the Middle East requires time and patience, not only due to geographical distance but also because of differing business cultures. Personal relationships and an understanding of local market needs are highly valued in the UAE, she noted. Jāgere added that Latvian companies are already taking part in UAE digital procurement opportunities, and early steps show promising potential.
The first UAE investment in Latvia arrived in 2024 with the opening of the Golden Field Factory LV protein production facility in the Liepāja Karosta Industrial Park, an investment of approximately 16 million euros. More facilities are planned in other Latvian cities. Latvian biomedical startup Longenesis has also supported the UAE’s national genome initiative and, in 2024, won Dubai’s “Supernova Challenge 2.0,” securing a $100,000 prize.
Latvia and the UAE mark 30 years of diplomatic relations this year. The first session of the Latvia–UAE Joint Economic Committee took place in December 2019.
According to the Central Statistical Bureau, Latvia’s exports to the UAE reached 78.97 million euros in 2025, compared to 97.42 million euros in 2024. Imports totaled 5.89 million euros this year and 24.94 million euros last year. Key Latvian export categories include electrical equipment and components, grains, furniture, toys, sporting goods, optical devices, photographic and cinematographic equipment, precision instruments, and medical and surgical devices.
The delegation includes representatives from 3D Engineering, AJ Power, Alūksnes Putnu fabrika, AmCraft, Asya, BSC Group, GP Systems, HMP Group, IT Camp, LAMOD, the Employers’ Confederation of Latvia, the Latvian Chamber of Commerce and Industry, Primekss, the Freeport of Riga Authority, SKYPARK, SUBmerge Baltic, Tilde, and VOZOROM.
The trade mission is organized by the Ministry of Economics and LIAA in cooperation with the UAE Ministry of State for Foreign Trade and is supported by the European Regional Development Fund.