UAE, France to Strengthen Bilateral Ties in High-Level Business Council Meeting

Paris, The Gulf Observer: Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC, along with Patrick Pouyanné, Chairman and CEO of TotalEnergies, co-chaired the second plenary meeting of the UAE-France High-Level Business Council. The meeting, attended by Bruno Le Maire, French Minister of Economy, Finance, and Industrial and Digital Sovereignty, showcased a commitment to fortifying the longstanding and strategic relations between the two nations.

Dr. Sultan Al Jaber conveyed the warm regards of the UAE leadership to their French counterparts, emphasizing the Council’s pivotal role in enhancing economic ties and fostering collaborations. “The Council plays a pivotal role in reinforcing both leadership commitments to elevating the existing vibrant economic ties between the two countries and the importance of mobilizing the private sectors on both sides to deliver sustainable economic development collaboration opportunities and partnerships,” said Dr. Al Jaber.

French Minister Bruno Le Maire highlighted the importance of business dialogue between key players from France and the UAE, underscoring shared ambitions to develop concrete joint projects aligned with strategic goals in innovation, industrial development, and ecological transition. “I am particularly delighted to see that climate transition is becoming a central focus of economic cooperation between our two countries,” added Minister Le Maire.

Patrick Pouyanné, CEO of TotalEnergies, welcomed the UAE delegation to Paris, expressing optimism about the Council’s potential for fruitful collaborations. “I look forward to witnessing further strengthening of these collaborations, as I am convinced that the Council is a fruitful platform for the development of mutually beneficial sustainable investments,” stated Pouyanné.

Key outcomes of the meeting included the signing of a Memorandum of Understanding (MoU) to establish the “UAE-France Bilateral Climate Investment Platform.” The pragmatic investment framework aims to accelerate joint projects and investments of mutual interest in the clean energy sector, particularly focusing on advancing the decarbonization of Hard-to-Abate Industries. The MoU was signed by Dr. Sultan Ahmed Al Jaber and Bruno Le Maire.

Additionally, TotalEnergies Renewables and Masdar inked an MoU for partnership in the development of Renewable Energy Projects in emerging markets. The collaboration aims to explore joint projects in solar and wind energy in Central Asia and Africa, contributing to global efforts in reducing emissions and achieving climate neutrality.

The Council reviewed progress in working groups over the past year, highlighting successful joint projects in energy and climate, transport and logistics, and financial investments. Some noteworthy partnerships featured during the meeting included TotalEnergies and Masdar’s collaboration on Sustainable Aviation Fuel, the Airbus-Masdar collaboration on sustainable aviation fuel, and ADNOC and Tabreed’s partnership on the first Geothermal Cooling Plant in the Gulf region.

Furthermore, the meeting witnessed praise for France’s efforts in advancing climate action and support for COP28 initiatives. Dr. Sultan Al Jaber commended TotalEnergies’ climate action efforts, including endorsing the Oil and Gas Decarbonization Charter.

The meeting concluded with the approval of the Council’s roadmap for 2024, affirming the commitment to continue cooperation and positive climate action. The leaders called on working groups to accelerate new projects and initiatives supporting the Council’s objectives.

Representatives from both sides attended the meeting, showcasing the breadth of collaboration. The UAE-France trade relationship has been thriving, with non-oil trade reaching approximately AED 25.1 billion during the first nine months of 2023, reflecting a 12.5 percent increase compared to the same period in 2022. Notably, the UAE hosts the largest number of French companies operating in the Middle East, with around 600 companies employing over 30,000 individuals. Conversely, the UAE stands as France’s second-largest investor in the GCC.