UAE and Norway to Cooperate on Green Transition

The UAE and Norway signed several agreements during the visit of Abu Dhabi Crown Prince H H Sheikh Khaled bin Mohamed bin Zayed Al Nahyan to the Scandinavian country.

The Crown Prince also meet Norway’s Prime Minister Jonas Gahr Støre and the latter said that this was an excellent opportunity to follow up last year’s Climate Change conference COP28.

“Norway and the UAE cooperate closely in efforts related to climate change and climate negotiations, the green transition, energy and the business sector,” Jonas Gahr Støre said.

The agreements that were signed between Norway and the UAE and between companies of both the countries, including an aviation agreement and an agreement between the University of Tromsø and Khalifa University in Abu Dhabi.

The state-owned Abu Dhabi National Oil Company (ADNOC) and Norwegian state-owned Equinor signed a strategic cooperation agreement to join hands for developing sustainability projects, including in carbon capture and storage, low-carbon hydrogen and the marketing and trading of low-carbon intensity oil and gas.

Abu Dhabi Future Energy Company (MASDAR) also signed a slew of agreements with several firms, including a strategic framework agreement with Equinor to strengthen collaboration on ongoing projects, such as the Hywind Floating Wind Farm in Scotland.

MASDAR also signed an MOU with fertilizers manufacturer Yara to explore investments along the power-to-green ammonia value chain, another MOU with ICP Infrastructure to identify green energy infrastructure investments in Europe, and inked a fourth MOU with Aker Horizons, focusing on joint development and investment in the Power to Green Hydrogen value chain aimed at decarbonising hard-to-abate sectors.

The Khalifa University and Arctic University of Norway have agreed to support academic collaboration in research areas such as AI, climate action, circular economy, and renewable energy while the aviation authorities of both countries have agreed to enhance bilateral trade and tourism and increase passenger and cargo air traffic.

UAE-Norway Investment Forum

On the side lines of His Highness Sheikh Khaled’s visit to Norway, the UAE Ministry of Investment has hosted the UAE-Norway Investment Forum in Oslo where the event brought together senior officials, investors, and entrepreneurs from various economic and business sectors in both countries, showcasing investment opportunities and highlighting the UAE’s competitive and business-friendly environment.

The forum centred on the incentives offered by the UAE’s business ecosystem, encouraging Norwegian and international companies to leverage Abu Dhabi and the UAE as a strategic hub to expand their business operations into Asia, the Middle East, and North Africa, in line with the growing global economic landscape, which is increasingly driven by knowledge and innovation in all vital sectors.

Welcoming the delegates, The UAE Minster of Investment Mohammed Hassan Alsuwaidi, stressed the importance of transitioning towards sustainable, knowledge-based economic models, highlighting that the UAE’s economic vision aligns with Norway’s focus on sustainable growth, revenue diversification and fostering an innovation-driven economy.

Other senior officials from Norway who delivered a speech included Espen Barth Eide, Norway’s Minister of Foreign Affairs, Tomas Norvoll, State Secretary, Ministry of Trade, Industry and Fisheries.