Page 638 - MOE ENGLISH PR REPORT - JULY 2024

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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