Page 691 - MOE ENGLISH PR REPORT - JULY 2024

7/10/24, 5:10 PM UAE, Japan discuss latest developments in comprehensive strategic partnership, sign MoUs
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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