Ukraine’s Business Mission to Riyadh Marks New Phase in Saudi-Ukrainian Cooperation

Riyadh: Ukraine’s recent high-level business mission to Saudi Arabia is setting the stage for a “strategic new phase” in bilateral cooperation, according to Yuri Melnyk, Co-Chairman of the Saudi–Ukrainian Business Council.

Speaking to Saudi Gazette after a series of meetings with ministries, regulators, and major Saudi companies, Melnyk described the visit as “highly productive,” noting that many business leaders were visiting Riyadh for the first time. He said the mission delivered the strongest progress in years and advanced commitments made in March between Crown Prince Mohammed bin Salman and Ukrainian President Volodymyr Zelenskyy.

The delegation successfully revived the Saudi–Ukrainian Business Council after a “10-year gap” in structured dialogue. “We were extremely happy that we were able to stop the 10-year gap that was going on between Ukraine and Saudi Arabia,” Melnyk said.

He highlighted three key outcomes from the visit:
1. Establishing permanent communication channels between the Business Council and private-sector companies to ensure ongoing coordination.

2. Removing procedural obstacles, including certification, accreditation, and tax processes, to speed up investment and shorten timelines.

3. Exchanging investment project portfolios, with both sides presenting proposals at the Ministry of Investment.


Melnyk said these face-to-face discussions were crucial for building trust and reducing delays. While agriculture remains a foundational sector, he noted that Ukraine’s most strategic opportunities lie in critical minerals such as graphite, titanium, and lithium, which are essential for advanced industries. The delegation included representatives from BGV, a company active in mining and processing these materials.

The mission also explored opportunities in pharmaceuticals and medicine. Meetings with the Saudi Food and Drug Authority (SFDA) clarified regulatory pathways, and Ukrainian company ADL Group proposed developing light pharmaceutical production facilities in Saudi Arabia—an initiative Melnyk said could benefit both nations.
Agriculture continues to be a strong pillar of trade. Melnyk emphasized the role of Ukraine’s leading poultry producer, MHP, which has long supplied the Saudi market. He also praised Saudi Agricultural and Livestock Investment Company (SALIC) for its investments in Ukraine, including a 13% stake in MHP, demonstrating confidence in Ukraine’s agricultural sector even during wartime.

Melnyk reiterated that Ukraine will need more than $500 billion in reconstruction funds, according to preliminary international assessments. He stressed that private-sector companies, alongside governments, will be key to rebuilding sectors such as energy, green technologies, food production, manufacturing, and healthcare. Ukrainian firms are ready to co-invest, operate, and manage projects under partnership models that reduce risk.

Bilateral trade currently stands at $680 million, which Melnyk described as positive but below potential. During the Riyadh visit, Ukraine presented projects worth over $1 billion, and he believes trade could increase by two to three billion dollars in the near term. Ukrainian exports are mainly food and agricultural products, while Saudi exports focus on energy and chemical materials. Services and tourism were also highlighted as potential future sectors.

Regarding food security, Melnyk said MHP is pursuing two parallel paths: joint production inside Saudi Arabia and restoring poultry exports from Ukraine to the Kingdom. He expressed confidence that both approaches could progress successfully together.