UAE Plans to Acquire a Share in Ukrainian Company Fire Point, Manufacturer of Flamingo Missiles

The United Arab Emirates plans to acquire a stake in the Ukrainian defense company Fire Point.

This was reported by BBC News Ukraine, citing its own sources familiar with the details of the deal.

The Ukrainian company is known for its FP-1 and FP-2 drones and produces long-range Flamingo cruise missiles.

According to the sources, the defense group EDGE, owned by the UAE sovereign wealth fund, plans to acquire a minority stake in the Ukrainian company.

According to the sources, 30% of the company’s stake will be sold as part of the deal.

The deal is worth about $760 million. In total, Fire Point, a manufacturer of attack drones and cruise missiles, was valued at $2.5 billion.

The publication notes that the domestic company, founded in 2022, has already submitted the necessary documents to the Antimonopoly Committee.

As a reminder, Fire Point recently announced the production of up to 200 attack drones per day, allowing the Ukrainian Defense Forces to provide 60% of all drone strikes on Russian-controlled territory.

At the same time, the cost of these drones plays a significant role in this massive use. It is about 50 thousand dollars.

Fire Point also plans to produce its own ballistic missiles. In particular, the company plans to complete the process of codification of the FP-7 tactical ballistic missile by the Ministry of Defence of Ukraine by the end of 2025.

In late October, Le Figaro reported, citing the words of Ukrainian President Volodymyr Zelensky, that Ukrainian long-range Flamingo cruise missiles had been used in ‘real operations’ to hit Russian targets nine times.

Prior to this, three cases of use were publicly known (1,2,3), including combined strikes involving the simultaneous participation of Neptune and Flamingo cruise missiles.