SPFU is working on four new investment projects — Chairman of the SPFU Rustem Umerov at the national telethon “Edyni Novyny”
Ukraine will cooperate with the United Arab Emirates to create a Sovereign Fund, which should play a key role in the development of the Ukrainian economy. This was stated on the air of the telethon “Edyni Novyny” by the Chairman of the SPFU, Rustem Umerov.
On June 10, the State Property Fund and the leading consulting company Contango (owned by the ADQ Sovereign Fund) signed a memorandum of cooperation. Contango will help the State Property Fund develop a strategy for the work of the Sovereign Fund, form portfolios of enterprises and prepare them for transformation into effectively working assets, Rustem Umerov noted.
A sovereign fund is a financial instrument that provides effective management of national assets in many countries around the world. Only in the UAE there are three such funds, Rustem Umerov noted. Thanks to the partnership with this country, the Sovereign Fund of Ukraine will be able to implement large infrastructure projects that will contribute to the development of the Ukrainian economy.
The Sovereign Fund is only one of the four key products that the State Property Fund team is working on, Rustem Umerov said. SPFU plans to create a Land Bank and an Investment Real Estate Fund. These institutions will contribute to the development of the agricultural sector and the real estate market in Ukraine.
In addition, SPFU is trying to help restore Ukrainian industry, in particular through the Made in Ukraine initiative in partnership with the Ministry of Economy. Any Ukrainian entrepreneur can purchase abandoned state assets at small privatization auctions. These are the so-called brownfields — industrial sites with communications that can become a base for the creation of new industrial enterprises.
“The goal is that Ukraine should become the main industrial hub and platform of Europe,” Rustem Umerov stressed.
Another main direction of the State Property Fund’s work is the restoration of large-scale privatization, said the Chairman of the State Property Fund. The Verkhovna Rada recently removed the last obstacle to this. Therefore, SPFU is preparing to put several assets up for sale, for example, UMCC, OPP, etc.