Page 621 - MOE ENGLISH PR REPORT - JULY 2024

UAE Delegation:
The UAE delegation included Dr. Thani Ahmed Al Zeyoudi, Minister of State for Foreign
Trade; Saeed Mubarak Al Hajeri, Assistant Foreign Minister for Economic and Trade Affairs;

Musabbeh Al Kaabi, Executive Director of Low Carbon Solutions and International Growth at
ADNOC; Mohamed Al Ramahi, CEO of Abu Dhabi Future Energy Company “Masdar”; and
Thomas Pramotedham, CEO of Presight.
The UAE is a reliable source for supplying Japan with energy sources and is considered a

strategic partner in various fields. The UAE is the largest supplier of oil to Japan, as its oil
exports during the month of April amounted to about 35.8 million barrels (representing more
than 45 percent of Japan’s imports during the same month). Oil exports in 2023 represented

44.7 percent of Japan's total oil imports. On the other hand, the UAE exported the world's first
certified shipment of low-carbon ammonia to Japan, which was produced using "carbon
capture and storage" technology through cooperation between Vertiglobe and Japan's Mitsui.
This shipment comes as part of ADNOC's efforts to accelerate the development of global
value chains for low-carbon hydrogen and ammonia.

Mubadala Investment Company also announced its first renewable energy projects in Japan,
through PAG’s platform (“PAG REN I”), which mainly specializes in providing solar energy to
companies. The platform aims to provide its services in the Asia-Pacific region, with a primary

focus on Japan.
The UAE is a source of about 60 percent of foreign direct investment flows to Japan from the
Middle East during the year 2023, while the UAE attracted about 82 percent of the total
Japanese investments in the Middle East countries during the same year (an increase of 71

percent from the year 2022), mainly covering diverse sectors such as technology, renewable
energy and transportation.
The total trade exchange between the two countries in 2023 amounted to about $47.4 billion

(including petroleum products), while non-oil trade exchange amounted to about $15.6 billion
during 2023, achieving a growth of 6.1 percent compared to 2022.

The UAE is considered as the first trading partner to Japan in terms of exports and imports to
the Gulf Cooperation Council countries, as the country receives 47 percent of Japan’s exports
to the GCC countries.

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