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UAE Defense Giant Allegedly Eyes $760M Minority Stake in Fire Point, Ukraine’s Flamingo Missile Producer
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The United Arab Emirates' state-linked defense conglomerate EDGE is preparing to acquire a 30% stake in Ukrainian drone and missile manufacturer Fire Point, according to BBC News Ukraine.
The deal, reportedly valued at approximately $760 million, would place the overall valuation of Fire Point at $2.5 billion.
Unnamed sources familiar with the matter told BBC that Fire Point has already submitted the necessary documentation to Ukraine’s Antimonopoly Committee.
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The sale was initially hinted at during a company press conference in late November, where Fire Point executives disclosed that a sovereign investment fund from a country with minimal regulatory constraints on missile development had expressed interest in acquiring a minority stake.
While the buyer was not officially named at the time, Defense Express noted that EDGE matches many of the criteria disclosed—including state ownership, access to low-cost energy, and a favorable defense production environment. The UAE is one of the world’s largest producers of natural gas and has a strategic interest in expanding its defense-industrial footprint.
Fire Point was founded in 2022 by Denys Shtilerman and Yehor Skalyha, later joined by Iryna Terekh.
The company has rapidly become one of Ukraine’s leading defense-tech firms, producing the FP-1 and FP-2 long-range drones as well as the experimental Flamingo (FP-5) cruise missile. It also has a tactical ballistic missile, the FP-7, in development, with plans to complete codification with the Ministry of Defense by the end of 2025.
The company claims that the FP-1 drone can deliver a 60-kilogram warhead over a distance of up to 1,400 kilometers, while the FP-2 model carries a 100-kilogram payload up to 200 kilometers.
The Flamingo cruise missile is designed to reach up to 3,000 kilometers with a payload of approximately one ton. According to Ukraine’s General Staff, more than half of all deep-strike drone attacks against Russian targets are carried out using FP-1 systems.
As reported by BBC News Ukraine, Fire Point’s growing scale includes claims of producing up to 200 strike drones per day, with a unit cost of around $50,000. In 2024, the company reportedly generated over 600 million hryvnias in net profit.
EDGE has previously made similar acquisitions abroad, including the purchase of Estonia’s Milrem Robotics, Switzerland’s ANAVIA, and Brazil’s SIATT. It also formed joint ventures with defense firms Anduril (US) and Leonardo (Italy).
The group, created in 2017 and headquartered in Abu Dhabi, now includes over 35 entities across missiles, platforms, space, cybersecurity, and commercial innovation clusters. In 2024, EDGE reported annual revenue of $4.9 billion.
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Although Fire Point initially stated that the deal could close within a week of the November announcement, no formal confirmation has been issued. This suggests either a delay in finalization or potential renegotiations. Defense Express speculates that media coverage may be intended to accelerate the deal.
Earlier, Bloomberg reported that Ukraine now produces more military drones annually than all NATO countries combined—up to 4 million units, including long-range and FPV models. The country’s drone industry is expanding into Europe, with firms like TSIR and Skyeton opening production lines in Finland, Slovakia, and the UK.
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