UAE and Uzbekistan strengthen cooperation in renewable energy

Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, and Adnoc Managing Director and Group CEO, and Suhail Bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, visited Uzbekistan on a working visit, leading a delegation that included several representatives from the UAE public and private sectors.

During the visit, the delegation met with Shavkat Mirziyoyev, President of the Republic of Uzbekistan, who emphasised his commitment to enhancing and developing bilateral relations, taking them to new heights across all sectors to serve the interests of the two friendly countries.

This visit is part of the efforts of the leadership of both countries to develop and advance bilateral relations in vital sectors of mutual interest.

The delegation also met with several ministers and officials from the Uzbek government, discussing ways to further develop these relations and enhance cooperation in sectors such as oil and gas, clean and renewable energy, infrastructure, and other priority areas. Potential opportunities for joint investments were also discussed.

The delegation, along with the President of Uzbekistan, attended the official launch and operation of the “Zarafshan Wind Farm, the largest renewable energy project in Central Asia and Uzbekistan’s first utility-scale wind power project. With a production capacity of 500 MW, the farm will provide electricity to more than 500,000 homes and displace over 1 million tonnes of carbon dioxide per year During the visit, a Power Purchase Memorandum of Understanding (MoU) for the “TPP1 Saffron” project was signed by the Abu Dhabi National Energy Company (TAQA) and the Ministry of Energy of the Republic of Uzbekistan. This MoU pertains to the development of a gas-fired power plant with a production capacity of 900 MW. The project is a strategic tripartite partnership between TAQA, holding a 40% stake, Mubadala, also with 40%, and the Government of Uzbekistan with 20%. This partnership reflects the commitment of both parties to enhancing cooperation in the energy and infrastructure sectors.

The Uzbek president also witnessed the signing of a joint development agreement for the “Mubarak” project in the Qashqadaryo region, between the Etihad Water and Electricity (EtihadWE), the Ministry of Energy, the Ministry of Investment, Industry, and Trade of Uzbekistan, and JSC Thermal Power Plants (JSC TPP).The total capacity of the project is 320 MW (216 MW from gas turbine production and 104 MW from steam turbines). The visit also included a meeting with Jurabek Mirzamakhmudov, the Uzbek Minister of Energy, during which ongoing projects and future opportunities in priority sectors were discussed. The meeting aimed to contribute to sustainable development and further the success and growth of cooperation and partnership between the two friendly countries.

The non-oil trade exchange between the two countries reached approximately Dhs6.8 billion in 2023, marking an 84% year-on-year growth. By the first nine months of 2024, it had surpassed the 2023 levels, achieving more than 80% year-on-year growth, reaching around Dhs7.6 billion ($ 2.1 billion), driven by a fourfold increase in imports and a 37% increase in exports.

CBUAE,NBT sign deal: Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), and Tolibzoda Firdavs Nazrimad, Chairman of the National Bank of Tajikistan (NBT), signed a Memorandum of Understanding aimed at strengthening bilateral ties and establish a robust framework for cooperation in various areas, including information exchange and expertise sharing.

Under the MoU, both parties will collaborate to foster cooperation in developing the banking and financial system, facilitate more efficient banking transactions, exchange information on best practices, discuss banking laws and regulations, and exchange technical expertise.

Highlighting the strategic importance of the MoU, Balama stated, “The MoU embodies the strength of the economic partnership between the UAE and the Republic of Tajikistan, and the significant opportunities for trade, investment, and financial development.”

He added, “This agreement underscores our proactive approach towards collaborative efforts and expanding international partnerships. By broadening the scope of joint initiatives and business opportunities in the financial and banking sectors, we aim to support the economic, commercial, and investment goals of both countries. We look forward to working closely with our Tajik counterparts and achieve shared interest.”

Nazrimad, in turn, said, “The UAE is one of Tajikistan’s key partners in trading and investment. The cooperation between the CBUAE and the National Bank of Tajikistan reinforces our commitment to strengthening bilateral relations and expanding economic opportunities. We will continue to work with the CBUAE to achieve common objectives that promote sustainable development and economic prosperity for both nations.”

WAM