Page 679 - MOE ENGLISH PR REPORT - JULY 2024

7/10/24, 5:09 PM UAE and Japan discuss the latest developments in the comprehensive strategic partnership and sign a number of memorandums o…
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 His Excellency Dr. Thani Ahmed Al Zeyoudi, Minister of State for Foreign Trade; His
Excellency 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.

Bilateral cooperation and trade exchange:

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% of Japan’s imports during the same month). Oil exports in 2023 represented
44.7% 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% of foreign direct investment flows to Japan from the Middle East during the year
2023, while the UAE attracted about 82% of the total Japanese investments in the Middle East countries during the same
year (an increase of 71% from the year 2022), mainly covering diverse sectors such as technology, renewable energy and
transportation.

It is worth noting that 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% 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% of Japan’s exports to the GCC countries.

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