Business news from Ukraine

Business news from Ukraine

Minister of Foreign Affairs Presented Consular Letters of Credence to Six New Consuls General of Ukraine

This week, Ukrainian Minister of Foreign Affairs Andriy Sibiga presented consular letters of credence to six newly appointed Consuls General of Ukraine. The consular commissions were awarded to: Illia Kvas (Shanghai), Heorhii Filatov (Istanbul), Oksana Tarasyuk (Düsseldorf), Olena Tronina (Barcelona), Larysa Polishchuk (Naples), and Vitalii Remele (Hamburg).

According to the Foreign Minister, a significant number of Ukrainian citizens reside in these consular districts, so protecting their rights and interests is an unconditional priority for the state.

“A significant number of Ukrainian citizens reside in these consular districts, so protecting their rights and interests is our absolute priority. I also emphasized the importance of actively developing economic cooperation and interregional contacts, strengthening Ukraine’s cultural presence, and establishing new partnerships,” Andriy Sibiga noted in a post shared on Facebook.

He also expressed hope that the newly appointed heads of consular offices will work actively, effectively, and with the utmost attention to the needs of Ukrainian citizens abroad.

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Fragments of  “lost continent” of Greater Adria have been preserved beneath Balkans and Southern Europe

According to Serbian Economist, fragments of an ancient landmass that geologists call Greater Adria lie beneath the territories of Serbia, Croatia, Bosnia and Herzegovina, and other countries in Southern Europe, Nova reports, citing research by an international group of scientists.

Geologists view Greater Adria as an ancient continental block roughly the size of Greenland. It broke away from the supercontinent Gondwana, drifted northward for tens of millions of years, and then collided with Europe. As a result, most of this landmass was subducted into the Earth’s mantle, while individual fragments were “scraped off” and incorporated into the mountain systems of Southern Europe.

According to the reconstruction, remnants of Greater Adria can be found today in the geological structures of Italy, Greece, Serbia, Croatia, Bosnia and Herzegovina, Montenegro, North Macedonia, Albania, as well as in other parts of the Mediterranean. This does not refer to a single, intact continent beneath the Balkans, but rather to fragments of the ancient continental crust that have been reshaped by the movement of lithospheric plates.

A key study on this topic was published in 2019 in the journal Gondwana Research. Scientists reconstructed the tectonic history of the Mediterranean region over the past 240 million years using paleomagnetic data, information on fault movement, and computer models of plate tectonics. The researchers analyzed data from thousands of geological sites in Southern Europe, North Africa, and the Middle East.

According to this reconstruction, Greater Adria began to separate from the northern part of Gondwana about 240 million years ago. It later drifted northward and collided with the southern edge of Europe approximately 120–100 million years ago. During the collision, a significant portion of the massif was subducted beneath Europe, while the upper layers were crumpled, uplifted, and incorporated into the region’s mountain belts.

It is this process that is associated with the formation of a number of mountain systems in Southern Europe and the Mediterranean, including parts of the Alps, the Apennines, the Dinaric Alps, the Balkan Mountains, Greece, and Turkey.

Similar “lost” or partially submerged continental blocks are known in other regions of the world as well. One of the most famous examples is Zealandia—a largely submerged continental mass of which New Zealand and New Caledonia are part.

Greater Adria became known to the general public following a 2019 publication, although individual fragments of its geological history had been studied for decades.

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Saudi Arabia has suspended construction of futuristic city

Saudi Arabia has suspended large-scale work on the construction of The Line—a key component of the futuristic city of NEOM—until at least 2030.

The Line was conceived as one of the most ambitious urban development projects in the world: a linear city 170 km long and up to 500 m high, free of cars and traditional streets, designed to accommodate millions of residents. The project was intended to become a symbol of the Saudi Vision 2030 program and Saudi Arabia’s economic transition from oil dependence to technology, tourism, logistics, and innovative infrastructure.

According to Semafor, NEOM has postponed further major work on The Line until after 2030. Investments in a number of other project areas have also been postponed or frozen, including some tourist facilities on the Red Sea coast and the Trojena mountain resort, which was previously planned as a venue for the 2029 Winter Asian Games.

The reasons for the revision include rising costs, the need to reallocate resources, and a more pragmatic approach to implementing Saudi Vision 2030 projects. Instead of the most complex and expensive futuristic facilities, the priority may shift toward ports, logistics, industrial infrastructure, data centers, and facilities that yield economic benefits more quickly.

The Line and the entire NEOM project have been controversial from the start due to their scale, cost, technical complexity, and environmental risks. It was initially stated that the city would be able to accommodate up to 9 million residents, but the plans were later revised several times. In 2024, The Guardian reported that by 2030, only a small section is actually planned to be built instead of the originally announced 170 km.

The suspension of The Line is part of a broader review of Saudi megaprojects. Reuters previously reported on the suspension of work on Mukaab—a giant cubic skyscraper in Riyadh costing about $50 billion, which is also part of the Vision 2030 portfolio.

For the real estate and construction market, the decision regarding The Line is an important signal: even the largest state-backed projects in the Gulf countries are facing funding constraints, a shortage of investors, rising construction costs, and the need to demonstrate economic viability.

At the same time, Saudi Arabia is not abandoning NEOM entirely. The project will likely develop in a more realistic format, with a focus on individual functional zones, industry, logistics, maritime infrastructure, digital services, and energy projects.

NEOM is a megaproject in northwestern Saudi Arabia, announced in 2017.

It includes The Line, the Oxagon industrial cluster, the Trojena mountain resort, the Sindalah island tourism project, and other zones. The project is funded with the participation of Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, and is part of the Saudi Vision 2030 strategy.

 

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Portugal has accelerated processing of hundreds of thousands of residence permit cases amid rise in number of migrants

Portugal has dramatically accelerated the processing of backlogged immigration cases following several years of delays in the system for issuing and renewing residence permits. According to government data, the Agency for Integration, Migration, and Asylum (AIMA) and a special unit tasked with clearing backlogged cases have conducted 763,000 interviews and issued decisions on more than 525,000 cases, of which approximately 473,000 were approved.

This represents a massive clearance of the backlog that formed following the dissolution of the former Service for Foreigners and Borders (SEF), the creation of AIMA, and the abolition of the former “expression of interest” mechanism. This mechanism allowed foreigners already in Portugal to regularize their status if they had a work and tax history.

According to government data, AIMA notified 445,000 people under the now-abolished “expression of interest” scheme alone. A total of 246,000 decisions were made in this category, of which 229,000 were positive and 26,000 were negative, and 225,000 residence cards have already been issued.

Cases involving citizens of the Community of Portuguese-Speaking Countries (CPLP) were considered separately. Under this scheme, 215,000 people were notified, 207,000 interviews were conducted involving 161,000 migrants, and AIMA issued 153,000 decisions, of which 140,000 were positive. 136,000 residence cards have already been issued.

Another major category involves the renewal of expired residence permits. According to Minister for the Presidency António Leiteu Amaro, there were approximately 360,000 such cases; 193,000 people were notified of the need to regularize their status, 104,000 attended appointments, and 82,000 have already received new permits.

Immigration reform has become one of the most sensitive issues for Portugal. The authorities are attempting to simultaneously reduce the administrative backlog, strengthen controls, transition to a more digital system, and abandon the practice whereby the country effectively legalized a large number of people after their entry.

According to AIMA data, as of the end of 2024, there were 1.543 million foreign nationals in Portugal with valid documents or ongoing regularization procedures. This is nearly four times more than in 2017, when 421,800 foreigners were registered in the country.

Brazilian citizens remain the largest foreign community in Portugal, numbering 484,600 people, or 31.4% of all foreigners. The Indian community is the second largest, with 98,600 people. They are followed by citizens of Angola—92,300, Ukraine—79,200, Cape Verde—65,500, Nepal—58,100, Bangladesh—55,200, the United Kingdom—48,200, Guinea-Bissau—47,300, Pakistan—41,500, São Tomé and Príncipe—40,100, and Italy—40,000.

Ukrainians remain one of the largest European migrant groups in Portugal. According to AIMA data for 2024, 79,232 Ukrainian citizens resided in the country, including 31,271 men and 47,961 women. Some Ukrainians are in Portugal under temporary protection, introduced in the EU after the start of Russia’s full-scale war against Ukraine.

AIMA specifically noted that as of the end of 2024, there were 61,242 recipients of temporary protection in Portugal who are not considered holders of a standard residence permit but are included in the statistics on foreign residents.

Geographically, Portugal’s foreign population is concentrated primarily along the coast. The districts of Lisbon, Faro, Setúbal, and Porto account for 1.101 million foreign citizens, or 71.3% of the total. The Lisbon metropolitan area itself is home to many municipalities with the largest foreign communities: Lisbon, Sintra, Cascais, Amadora, Lores, Odivelas, Almada, and Seixal.

The growth in the number of foreigners reflects several processes at once: labor demand, the influx of migrants from CPLP countries, the increase in the number of people from India, Nepal, Bangladesh, and Pakistan, as well as the presence of Ukrainians who received protection after 2022. Authorities emphasize that more than 1.03 million foreign nationals pay contributions to Portugal’s social security system.

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Market for new trucks and specialty vehicles in Ukraine grew by 8% in May

In May 2026, 1,032 new vehicles were added to Ukraine’s fleet of new trucks and specialty vehicles, which is 8% more than in May 2025 but 8% less than in April of this year, according to a report by Ukravtoprom on its Telegram channel.

Renault remains the market leader with 144 units, though this is 38.7% less than in April of this year.

Fiat took second place with 84 units (118 units in April 2026), and Volkswagen took third with 83 units.

Rounding out the top five were Mercedes-Benz with 77 units and Opel with 72 units.

As reported, in May of last year, the top five were MAN, Renault, Peugeot, Citroën, and Mercedes-Benz.

According to Ukravtoprom, a total of 5,065 new vehicles were added to Ukraine’s fleet of trucks and special-purpose vehicles from January through May, which is 6% more compared to the same period last year.

Meanwhile, the information and analytical group AUTO-Consulting, analyzing the segment of trucks with a gross vehicle weight of over 3.5 tons, noted that in May, for the first time in 14 months, a 10% increase in truck sales was recorded.

“This marks the end of a long and protracted slump caused by the suspension of foreign aid through U.S. funds last year,” the report states.

JAC became the leader in this segment in May, overtaking MAN thanks to large deliveries of special-purpose vehicles, while Volvo finished third. Meanwhile, MAN took first place among heavy-duty trucks with a 16% market share. Overall, the segment of heavy-duty vehicles with a gross vehicle weight exceeding 16 tons grew by 35%.

Increased demand was recorded for dump trucks, tractor-trailers, and municipal special-purpose vehicles. A slight increase also began in the concrete mixer and tanker segments.

As reported, according to data from “Ukravtoprom,” registrations of new trucks and special-purpose vehicles in 2025 decreased by 5% compared to 2024—to nearly 12,300 vehicles.

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EBRD and EU Launch Support Program for Ukrainian SMEs

The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) are launching the “Ukrainian SME Recovery” program, which is expected to provide approximately EUR135 million in financing and advisory support for small and medium-sized enterprises, larger companies, and startups in Ukraine, the financial institution announced on its website.

EU support under the program is being implemented through the Ukraine Investment Framework (UIF) and amounts to EUR46 million, including EUR41 million in guarantees and approximately EUR5 million in technical assistance.

According to the announcement, the program provides for financing at least 15 investment projects by Ukrainian companies, as well as advisory support for up to 34 startups.

The first component of the program will be implemented through the EBRD’s Risk Sharing Framework (RSF) in collaboration with partner banks. EU guarantees will be used to cover the first-loss risks of the EBRD and partner banks on a parity basis.

According to the bank’s assessment, this will expand Ukrainian companies’ access to long-term financing, particularly for the restoration and expansion of production assets and capacity.

The second component involves expanding the EBRD’s Star Venture program in Ukraine, aimed at supporting high-potential startups and developing an innovative ecosystem.

Under this initiative, selected startups, accelerators, and venture capital firms will receive advisory support. The funding is intended to help early-stage companies cover operational and market development costs and enhance their readiness to attract commercial investment.

The EBRD is the largest institutional investor in Ukraine. Since the start of Russia’s full-scale invasion in February 2022, the bank has allocated nearly EUR10 billion to Ukraine.

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