| | AUGUST 20238IN FOCUSUAE, JAPAN INK 23 AGREEMENTS & MOUS DURING THE BUSINESS FORUMPIF INKS MOU WITH JAPANESE POWER MAJOR JERA TO DEVELOP GREEN HYDROGEN PROJECTSDuring the UAE-Japan Business Forum, 23 agreements and memorandums of understanding (MoUs) were signed between the two countries.The agreements are designed to strengthen bilateral relations in the areas of energy, industry, cutting-edge technology, artificial intelligence, space exploration, health, transportation, environmental protection, and circular economy. Sheikh Hamed bin Zayed Al Nahyan, a member of the Abu Dhabi Executive Council, and Japanese Prime Minister Fumio Kishida witnessed the signings.The forum was attended by the UAE's Minister of Economy Abdullah bin Touq Al Marri, Minister of Industry and Advanced Technology Dr. Sultan bin Ahmed Al Jaber, Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei, Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Public Education and Advanced Technology Sarah Al Amiri, and Jassim Moha.In his keynote address, Bin Touq emphasized the long-standing historical ties and strategic partnership between the UAE and Japan. He also noted that this official visit is a significant opportunity to expand the UAE-Japan comprehensive strategic partnership, building on the model of leading cooperation that the two nations have established over the past 50 years.Bin Touq urged Japanese companies to take use of the opportunities provided by the UAE market, which upholds the highest standards of quality, credibility, and excellence in addition to serving as a gateway to the MENA markets and providing access to a 400 million-strong consumer base. The Kingdom's Public Investment Fund and the Japanese power generation company JERA Co. Inc. have signed a memorandum of understanding to cooperate develop green hydrogen projects and derivatives with the goal of making Saudi Arabia a regional centre for clean energy. The agreement will make it possible for both parties to start feasibility studies for projects that would serve both home and foreign markets.The biggest power generation firm in Japan, JERA, operates along the full supply chain, from fuel upstream to power generation. By combining resources and skills to produce green hydrogen derivatives, including ammonia, the agreement is anticipated to further uncover synergies between the two businesses.The MoU will likewise increase business potential for both parties. As the Kingdom strives to take the lead in addressing climate change, the PIF has been investing in green projects. Crown Prince Mohammed bin Salman declared in October 2021 that Saudi Arabia would commit more than $180 billion in investments to meet its sustainability goals. JERA already has a presence in the region thanks to the establishment of a Middle East subsidiary in the UAE in October 2021. JERA was formed by the consolidation of the fuel and thermal power departments of the Tokyo Electric Power Co. and the Chubu Electric Power Co. JERA Middle East and Africa Management Co. Ltd., based in Dubai, was established to create projects for the production of green fuel, large-scale renewable energy projects, and combined cycle power plants. The business claimed it is aggressively seeking new collaborations in the Middle East to boost its development of decarbonization projects, adding that it already has gas-fired power and desalination projects in the Gulf Cooperation Council region.
< Page 7 | Page 9 >