The Finance World Magazine| Edition: August 2023

France & UAE Join Forces to Drive Clean, Green Energy Transition
French Trade Minister, Olivier
Becht, has reaffirmed the
shared commitment between
France and the UAE to accelerate
the transition to green energy in
response to the challenges posed by
climate change. The two nations are
actively collaborating on the development
of low-carbon energy solutions,
including hydrogen and nuclear energy
for peaceful purposes. Minister Becht
expressed confidence in the UAE’s
ability to successfully host COP28 in
Dubai, recognizing the country’s leadership
in addressing climate change.
He emphasized the urgent need to
expedite the energy transition, citing
the increasing frequency of natural
disasters linked to climate change. Minister
Becht also highlighted the strong
and longstanding relationship between
the UAE and France and expressed his
intent to further strengthen economic
cooperation during his upcoming visit
to the UAE.
Suhail Al Mazrouei Unveils Updated UAE Energy
Strategy 2050 and National Hydrogen Strategy
Suhail bin Mohammed Al Mazrouei,
the Minister of Energy
and Infrastructure, has unveiled
the details of the updated UAE
Energy Strategy 2050 and the National
Hydrogen Strategy. These strategies,
approved by the UAE Cabinet, aim to
bolster the country’s efforts in meeting
its climate and net-zero commitments by
2050. Al Mazrouei highlighted that the
strategies align with various national
initiatives, such as the UAE Net Zero
by 2050 Strategic Initiative and the
Circular Economy Policy 2031. With
the Year of Sustainability underway
and the upcoming hosting of COP28,
the UAE aims to lead by example in
adopting sustainable policies and driving
global collective action to combat
climate change.
UAE to triple contribution of renewables to energy
mix over next 7 years
Updated Energy Plan and
Hydrogen Strategy Reinforce
UAE’s Sustainable
Economy Commitment
The updated UAE Energy Strategy
2050 and the National Hydrogen
Strategy will reinforce
the Emirates’ commitment
to sustainable economic and social
development, according to Dr. Sultan
Al Jaber, Minister of Industry and
Advanced Technology and COP28
President-designate. The initiatives
aim to enhance the UAE’s climate
action efforts, reduce emissions, and
mitigate the impact of climate change.
Dr. Al Jaber highlighted the UAE’s
significant progress in increasing renewable
energy capacity over the past
decade and the ambitious goal to triple
it further to reach 14.2 gigawatts by
2030. Additionally, he emphasized the
UAE’s aspirations to become a leading
producer of low-carbon hydrogen and
contribute to the global decarbonization
of the economy.
Saudi Arabia’s localization efforts
in the biopharmaceutical sector
received a boost through a
partnership between the newly
established Lifera, a biopharmaceutical
firm owned by the Public Investment
Fund, French pharmaceutical company
Sanofi, and Saudi manufacturer Arabio.
The collaboration aims to increase
the local production of vaccines within
the Kingdom. A Memorandum of
Understanding was signed to explore
opportunities for cooperation, including
Lifera becoming a contract manufacturer
for Sanofi. This partnership
aligns with Saudi Arabia’s strategy to
localize vaccine production. Arabio,
partially owned by Tamer Group, will
also strengthen the local and regional
distribution of vaccines and pharmaceutical
products, promoting national
resilience and self-sufficiency.
August 2023 www.thefinanceworld.com 49