Investment company Dragon Capital is completing the creation of two new investment funds with a total volume of approximately $609 million, according to the company’s founder and CEO Tomas Fiala.
According to him, the first fund, worth $200 million, will focus on small and medium-sized businesses with a turnover of up to EUR50 million.
“Next month, we will have our first closing at just over $100 million, and the second in 2026, where we will reach $200 million. We are already working on a pipeline of several dozen projects, where we are selecting which companies to invest in, and we are mainly buying majority stakes in companies,” Fiala said at the Global Outlook: Strategic Momentum conference organized by the European Business Association (EBA) in Kyiv on Friday.
According to him, the second fund, worth EUR350 million, will focus on infrastructure investments. Its first project will be in the energy sector, where Dragon Capital has already invested its own funds.
By the end of the year, the company plans to launch 65 MW of generating capacity—batteries and gas piston stations—and is also preparing projects for another 200 MW, which are planned to be implemented by the end of next year.
Fiala also said that last month the company invested more than UAH 300 million in the capital of its bank through subordinated debt. In addition, Dragon Capital invested $30 million in the energy sector in 2025 and expects to attract a loan from the EBRD for EUR21 million by the end of the year to increase its investment in this sector to over $50 million.
At the same time, he noted that private investors are still cautious due to the risks of war, while the main participants in the funds are currently international financial organizations and Scandinavian sovereign wealth funds.
“There are those who are watching, but they will mostly be ready to make the investment itself, either if it is very cheap or after the war, after the truce, because the risks are high that something will fly in — we ourselves had about five of our assets destroyed at the beginning of the war, and even recently,” he added.
Dragon Capital is one of the largest investment groups in Ukraine in the field of investment and financial services, providing a full range of investment banking and brokerage services, direct investments, and asset management for institutional, corporate, and private clients. The company was founded in 2000 in Kyiv. According to founder and CEO Tomas Fiala, the group’s investment portfolio currently includes nearly 50 different companies or real estate projects. Between 2015 and 2021, the company invested approximately $700 million in Ukraine, excluding reinvestments, and plans to invest $100 million in 2025.
At its meeting on September 4, the Antimonopoly Committee of Ukraine (AMCU) granted permission to the private enterprise (PE) Ukrpaletsystem, which operates the UPG gas station network, to acquire control by leasing another 75 gas stations belonging to the ANP and Avias networks, which are part of the Privat group of companies.
This was announced by the head of the Antimonopoly Committee of Ukraine (AMCU), Pavlo Kyrylenko, on his Facebook page.
“75 applications for permits for Ukrpaletsystem to acquire control over 75 single property complexes—gas stations—were considered at today’s meeting. Positive decisions were made on all applications,” he wrote.
In particular, the AMCU granted Ukrpaletsystem permission to lease 75 gas stations belonging to 14 companies of the Privat group: Aylong Evolution LLC, Albiland, Angel Capital, Eurotrade Expo, Jasmine Trade, Corso Town, Like Invest, Leader Finance, Newport Holding, Perspektiva Pro, Sirius Gold, Sky Project, Sorella Oil, and Taros Group.
As reported, on August 14, the AMCU granted Ukrpaletsystem permission to acquire control by leasing 46 gas stations belonging to the Privat group, 47 on July 31, and 34 on July 10.
According to AMCU Chairman Pavlo Kyrylenko, the UPG gas station chain plans to become the third key player in the fuel market alongside WOG and OKKO.
“UPG has submitted numerous applications to the committee for permission to concentrate. Based on these, we can conclude that it has ambitious plans to become the third key player in the market alongside WOG and OKKO,” he said in an interview with Neftorink.
As he explained, UPG’s strategy is to acquire assets in stages: first by leasing, then by purchasing them.
“According to our calculations, this involves more than 550 properties. But in order to acquire them, the company must again apply to the AMCU and obtain another concentration permit.
It is necessary to closely monitor how this process will take place,” he said.
UPG (Ukrainian Petrol Group) is a Ukrainian network of fuel and recreation complexes operating in 20 regions of the country. It has its own logistics infrastructure, works with direct fuel supplies from leading refineries in Europe and the US, and maintains uniform quality standards at all stages: from laboratory testing of each batch and equipment maintenance to standardized recipes at VIVO cafe.
The company was founded by Volodymyr Petrenko.
AMCU, gas station, PRIVAT, UPG
The recently commissioned building No. 3 of the Krona Park II residential complex in Brovary has been assigned a postal address:
We will inform you about the start of the transfer of apartments and registration of ownership additionally.
Alliance Novobud is a Ukrainian development company that has been operating in the residential and commercial real estate market for over 18 years. It was founded in the mid-2000s. The headquarters is located in Kyiv. The company’s core business is the construction of multi-storey residential complexes of comfort and business class, as well as related social and commercial infrastructure.
The company is one of the top 20 developers in Kyiv and Kyiv region in terms of the number of commissioned housing (according to the specialized portals Anbud and LUN). The total volume of completed projects is estimated at more than 800 thousand square meters of housing. Another 300 thousand square meters are under construction and preparation.
Alliance Novobud positions itself as a developer focused on quality and meeting deadlines. The company regularly publishes reports on construction dynamics, which increases the level of transparency and trust.
In the period of 2022-2025, despite the war and economic difficulties, the company continued active construction, which makes it stand out among its competitors.
The company’s strategy envisages the development of mixed residential neighborhoods with the integration of schools, kindergartens, retail space and recreational areas.
Imports of goods from Ukraine in January-August 2025 amounted to $52.6 billion in monetary terms, which is 16.63% more than in the same period of 2024, but exports decreased by 4.36% to $26.3 billion, according to the State Customs Service (SCS).
“At the same time, taxable imports amounted to $37.8 billion, which is 84% of the total volume of imported goods. The tax burden per 1 kg of taxed imports in January-August 2024 amounted to $0.5/kg, which is 7% more than in the same period of 2023,” the service said in a publication on its Telegram channel on Thursday.
As before, the largest imports to Ukraine came from China ($8.9 billion), Poland ($4.5 billion), and Germany ($3.4 billion).
The largest exports from Ukraine went to Poland ($3.1 billion), Spain ($1.9 billion), and China ($1.9 billion).
Of the total volume of goods imported in January-August 2024, 65% were machinery, equipment, and transport—$15.5 billion (during customs clearance of these goods, UAH 111.4 billion, or 31% of customs payments, was paid to the budget), chemical industry products – $7.8 billion (57.9 billion hryvnia paid to the budget, or 16% of customs payments), fuel and energy products – $6 billion (97.9 billion hryvnia paid to the budget, or 26% of customs payments).
The top three most exported goods from Ukraine were food products ($16 billion), metals and metal products ($2.9 billion), and mineral products ($2.2 billion).
“In the first eight months of 2024, UAH 189.3 million was paid to the budget during customs clearance of exports of goods subject to export duties,” the SSU added.
The Delta-Lotsman branch of the state enterprise Administration of Sea Ports of Ukraine announced on September 2 its intention to conclude a contract for property insurance with IC Guardian.
According to the system of electronic public procurement Prozorro, the expected cost was 1,282 UAH, the price offer of the company, the only participant in the tender 968.6 thousand UAH.
SE “Delta-Lotsman” was established by order of the Ministry of Transport of Ukraine in 1998 in order to improve the conditions for ensuring safety of navigation, protection of human life at sea and the environment, in the territorial sea of Ukraine in accordance with the requirements of international agreements and conventions, streamlining the structure of marine pilot services in the north-west.
After a weak end to 2024, permit activity picked up markedly in 2025. According to the State Statistics Office, the number of permits issued in April 2025 rose by 38.9% y/y in April, 80.4% y/y in May, and 15.1% y/y in June; while the expected value of properties in June was 47.1% higher than a year earlier. This forms the “substrate” for future project launches, primarily in the Skopje agglomeration.
New residential construction costs in Q2 2025 rose by 1.1% qoq, but were 0.3% lower yoy – the effect of normalization of material prices and a gradual cooling of costs after the 2022-2023 peak. Bottom line for construction: permits are accelerating, but the effect in the form of “commissioning” will manifest itself with a lag in 2025/26; production costs are stabilizing, which reduces pressure on developers’ budgets.
Rental: steady demand in Skopje; short-term segment active
Long-term rents in the capital are holding at elevated levels: benchmarks for Skopje in early September are around €300 for a studio, €400 for a 1-bedroom and €550 for a 2-bedroom apartment (based on average “asking” rates).
Sales and prices: indices accelerated
The house price index rose from 170.5 points in Q1 2025 to 184.1 points in Q2 2025. Back in March (Q1), annual price growth was ≈19.4% y/y, confirming an acceleration phase beyond 2023-2024 (data from aggregators based on NBRSM statistics).
Bottom line on sales/price: demand is focused on Skopje and quality locations; limited commissioning and cheaper financing in the Western Balkans region (on the background of moderate monetary policy) support prices in H2.
Outlook for the next 6-12 months
Prices: baseline scenario – moderate growth (shortage of new buildings + concentration of demand in Skopje), rates – below H1 peaks.
Rents: plateau at elevated levels in the center of Skopje; possible “sawtooth” in months due to seasonality and STR. Construction: “traffic jam” between permits and actual starts will persist until 2026; cost normalization reduces risks for new queues.
http://relocation.com.ua/north-macedonia-housing-price-analysis/
