Page 685 - MOE ENGLISH PR REPORT - JULY 2024

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.

https://www.msn.com/en-ae/news/other/uae-japan-discuss-latest-developments-in-
comprehensive-strategic-partnership-sign-mous/ar-BB1pt3zP?ocid=BingNewsSerp