a high risk visit

Sheikh Mohammed bin Zayed, the new president of the United Arab Emirates, pays a state visit to France on Monday. A welcome with great fanfare because the issue is the supply of gas and oil.

State visit of Sheikh Mohammed bin Zayed Al Nahyan, the new president of the United Arab Emirates, to France on Monday. A welcome with great fanfare, for a country that weighs little in our foreign trade.

When we look globally, the United Arab Emirates weighs just 0.7% of our total exports according to customs, making it about our 30th customer. And 0.2% of our imports, which makes it our fiftieth supplier.

However, the United Arab Emirates are among our largest trade surpluses in the world, along with the United Kingdom and Singapore. And our trade with the UAE is larger than with other countries in the region, given its role as a regional hub. The United Arab Emirates is home to the largest number of French establishments in the Middle East with approximately 600 branches. Our exports are mainly made up of aeronautics and luxury goods. We mainly buy oil.

A strategic partnership

But there is one crucial issue: our oil and gas supply. The priority for France today is to diversify its sources of supply to get out of its dependence on Russian energies: gas, oil and even more diesel, since Russia supplied 10% of the oil but 25% of the diesel consumed in the country.

An agreement between France and the United Arab Emirates for the supply of diesel will be signed on Monday. The agreement will go far beyond the supply of hydrocarbons. The two countries will sign a “comprehensive strategic energy partnership,” which also includes a framework agreement for joint investments in renewable energy, nuclear and hydrogen.

This is a true strategic approach. The United Arab Emirates is, of course, a member of OPEC and the OPEC+ coalition. And it is a country very close politically and geopolitically to Saudi Arabia. These two countries are the ones that, within OPEC and OPEC+, have the largest unused oil capacities. They are the most likely to produce more oil if, of course, they choose to do so. It is therefore no surprise that these two countries are highly sought after by major economic and industrial powers, including the United States and France.

Vince Fernandez

"Professional food trailblazer. Devoted communicator. Friendly writer. Avid problem solver. Tv aficionado. Lifelong social media fanatic."

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