Page 656 - MOE ENGLISH PR REPORT - JULY 2024

7/10/24, 5:07 PM UAE, Japan discuss latest developments in comprehensive strategic partnership, sign MoUs – UAE BARQ
Dr. Sultan Al Jaber held a meeting with Taro Kono, Minister of Digital Transformation, where the two sides affirmed their
keenness to cooperate in the field of advanced technology and digital transformation, including artificial intelligence
and its applications in various vital sectors, supporting and encouraging related industries, and working to explore
investment opportunities and joint projects in these areas.

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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