UAE, France Ink Mega Deals

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The UAE has placed an order for 80 Rafale fighter planes and 12 Caracal H225 helicopters, reports Asian Lite News

The United Arab Emirates (UAE) has sealed a contract with France to buy fighters and military helicopters.

The deal was inked Friday as French President Emmanuel Macron met with Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, in Dubai.

At the invitation of Sheikh Mohamed, President Macron, visited the UAE on Friday.

According to the deal, the UAE has placed an order for 80 Rafale fighter planes and 12 Caracal H225 helicopters, the French president said in a tweet.

UAE
French President Emmanuel Macron with Sheikh Mohamed bin Zayed Al Nahyan (Photo: Twitter@Elysee

The order for Rafale jets is the largest overseaorder for the warplane since its introduction in 2004. French Defence Minister Florence Parly hailed the deal as “historic” in a tweet.

Macron kicked off a two-day tour to the Gulf region, where he will also visit Qatar and Saudi Arabia.

Sheikh Mohamed and President Macron toured EXPO 2020, emphasising the importance of this event in building bridges and promoting partnerships.

Macron conveyed his congratulations to Sheikh Mohamed on the occasion of the national day and the Golden Jubilee of the UAE on 2 December, and praised the achievements made by the country in the preceding 50 years.

He also congratulated Sheikh Mohamed and the people of the UAE on hosting the Conference of the Parties in 2023 (COP28) which would be of special significance.

He highlighted the opportunity for France and the UAE to work jointly to tackle the global threat of climate change, as well as finalising the Paris Agreement rulebook and mobilising finance for developing countries most affected by climate change.

Sheikh Mohamed stated that the UAE looks forward to working with France and the international community to accelerate global efforts to address climate change and environmental protection and to create a more sustainable economic future. The French President emphasised the ambitious commitments taken by the European Union to achieve climate neutrality by 2050 and to reduce net emissions by at least 55% by 2030.
In a joint communique marking the visit of the French president, the UAE and France highlighted their commitment to align their support to developing countries with the objectives of the Paris Agreement and to increase their support to the International Renewable Energy Agency (IRENA) and the International Solar Alliance.

The two leaders reaffirmed the expansion of this partnership, with France supplying 80 Rafale fighter jets to the UAE Air Force Squadron in addition to 12 Caracal H225 Helicopters including weaponising, training and spare parts, with contracts worth 16.6 billion euros.

Meanwhile, both leaders have also discussed the Iranian nuclear program and underscored the importance of a negotiated solution.

In the field of culture, the two leaders reaffirmed their commitment to the success of Louvre Abu Dhabi as the emblem of the strategic cultural cooperation and an enduring legacy of the close ties that link the two countries. They welcomed an extension of the intergovernmental agreement that will enshrine for the future the position and the development of this unique museum in the region. Both leaders called for new projects to further propel cultural cooperation.

The two leaders highlighted their shared economic interests and enhance their competitiveness through cooperation and investment in future-looking sectors. Both leaders witnessed the signing of economic agreements with a total value of more than 15 billion euros to strengthen the strategic investment partnership between the UAE and France, targeting sectors of mutual priority and interest, including sectors identified in the ‘France2030’ economic program, such as renewable energies, innovation, technologies and 4.0 industries.

An extension of the current co-investment programme between Mubadala Investment Company and Bpifrance was signed, for a total joint amount of 4 billion euros, to be deployed in line with the previous strategy of both Franco-Emirati Fund and the Innovation Partnership. Mubadala Investment Company signed as well a Memorandum of Understanding (MoU) with the French Ministry of Economy and Finance, to explore investments in French funds for a total amount of 1.4 billion euros.

Sheikh Mohamed bin Zayed Al Nahyan with French President Emmanuel Macron

Furthermore, Masdar, one of the world’s fastest-growing renewable energy companies, and ENGIE, a global energy player in low-carbon energy and services have signed a strategic alliance agreement to explore the co-development of a UAE-based green hydrogen hub. The two companies are looking to develop projects with a capacity of at least 2 gigawatts (GW) by 2030, with a total investment in the region of around 4.4 billion euros.

An investment agreement was also signed between ADQ, through its portfolio companies, and the French Ministry of Economy, Finance, and Recovery to explore investment opportunities with France in the fields of mobility and logistics, food and agriculture, clean energy, life sciences, and healthcare with a total amount of up to 4.6 billion euros.