The UAE-France High-Level Business Council recently held its third plenary meeting in Paris, which comes at a pivotal moment for both countries following the signing of the landmark UAE-France Framework for Cooperation in Artificial Intelligence Agreement.
The meeting was co-chaired by Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Managing Director and Group CEO of ADNOC, and Patrick Pouyanné, Chairman and CEO of TotalEnergies.
In his opening remarks, Dr. Al Jaber reaffirmed the UAE’s long-standing bilateral relations with France spanning over 50 years and emphasized the commitment to continue strengthening the bilateral relations within the framework of a strategic partnership to achieve the shared aspirations of both nations for sustainable economic and social growth.
Greater cooperation in priority sectors
Dr. Al Jaber also emphasized that the meeting’s timing is essential following the signing of the AI cooperation agreement. This framework aims to enhance digital infrastructure and support the development of AI technologies by establishing a 1-gigawatt AI complex.
He also highlighted the important role of the council in advancing bilateral economic ties and elevating them to new heights, stressing the importance of joint work to increase cooperation and achieve tangible results in strategic and priority sectors.
Al Jaber shared the UAE’s experience in promoting investments that promote sustainable economic development, citing examples of global specialized institutions and companies, such as MGX and XRG, that seek to drive value through strategic investments across gas, chemicals, low-carbon fuels, clean technologies and energy infrastructure.
“The UAE-France High-Level Business Council has gradually established itself as a key player in facilitating the concrete implementation of commercial partnerships between French and Emirati companies in key areas such as energy, transport, investment and artificial intelligence. The council has also proved to be highly useful for the development of Franco-Emirati economic relations, which we should see continue to strengthen,” stated Pouyanné.
UAE, France ink new partnerships in strategic sectors
During the meeting, several partnerships were signed between private sector companies from both countries, reinforcing cooperation in various strategic sectors. One of the key agreements was a partnership framework between Masdar, TotalEnergies and 2PointZero to support clean energy initiatives in emerging markets and developing economies across Africa and Asia.
Another agreement was a memorandum of cooperation between ADNOC and Veolia, which focuses on optimizing water consumption. The partnership will explore various measures, including water recycling, reducing overall water usage, minimizing the carbon footprint, and developing comprehensive action plans to address water loss in the short, medium and long term.
Additionally, Abu Dhabi Ports signed a partnership with the French company Pascal to develop AI-driven solutions. This collaboration will focus on integrating artificial intelligence models, quantitative analysis and advanced algorithm development.
Non-oil trade grows 21.3 percent in 2024
Trade relations between the two countries have witnessed a significant increase, with non-oil trade increasing by 21.3 percent in 2024, reaching approximately AED44 billion, compared to AED36.7 billion in 2023.
Additionally, the UAE hosts the largest number of French companies operating in the Middle East, with about 600 companies employing more than 30,000 employees. The UAE is also France’s second-largest investor in the GCC.
Exploring new projects and opportunities
The UAE-France business council reviewed the achievements made through the working groups over the past year, including the activation of the AI and Advanced Technology Working Group and holding the first regional business development meeting, in Masdar City, Abu Dhabi, which aims to enhance cooperation in priority sectors and create joint initiatives among the council’s members and working groups.
The meeting engaged over 30 companies from both countries to explore new projects and economically viable opportunities.
The council also commended the diverse partnerships that exist between Emirati and French companies across various sectors including, energy, climate, transportation, logistics and investments in infrastructure. It also called for doubling efforts to expand and create new cooperation and to strengthen partnerships across various sectors to enhance industrial integration and create a more resilient economic environment.
The council also adopted its roadmap for the next year, focusing on implementing agreed-upon projects, exploring more cooperation opportunities between the private sectors of both countries and holding the second regional business development meeting on the sidelines of the 4th edition of the “Make it in the Emirates” forum from May 19-22 in Abu Dhabi.
