CEO of the Saudi Fund for Development (SFD) Sultan bin Abdulrahman Al-Marshad met here today with President of National Institute of Water Resources (INRH) Antonio Rodriguez of the Republic of Cuba, and his accompanying delegation.
During the meeting, they discussed development issues of common interest, and enhancing possible vital opportunities for development projects in Cuba.
Al-Marshad also received here today Secretary of Development Planning and Federal Competitiveness of the Argentine Republic Jorge Neme, in the presence of Ambassador of the Argentine Republic to the Kingdom of Saudi Arabia Guillermo Nielsen, and Governor of Catamarca Raul Jalil.
They reviewed the SFD’s development projects and programs, in addition to discussing possible vital opportunities in Argentina.

he Ministry of Energy and Infrastructure signed a Memorandum of Understanding (MoU) with the Department for Business, Energy & Industrial Strategy in the United Kingdom of Great Britain and Northern Ireland.

The memorandum aims to exchange information, knowledge, expertise and studies in the field of energy and promote it for the vital role it plays in sustainable development at the local and international levels.

The signing ceremony was attended by Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, at the office building of the Ministry of Energy and Infrastructure in Abu Dhabi. The MoU was signed by Sharif Al Olama, Under-Secretary of the Ministry of Energy and Infrastructure for Energy and Petroleum Affairs, and Grant Schapps, Secretary of State for Business, Energy and Industrial Strategy of the United Kingdom, in the presence of a number of officials from the two countries.

The MoU aims to enhance strategic and technical cooperation in the energy sector, develop renewable energy technologies including regulatory frameworks and incentives. It also steps up cooperation in smart grids and related technologies, in addition to environmentally sustainable transportation, electric vehicles, sustainable alternative transportation fuels, biomass projects, waste conversion to energy, and carbon capture, utilisation and storage projects. The memorandum also stresses their cooperation in peaceful nuclear energy and related policies and technology, low-carbon hydrogen, exchange of information, knowledge and experiences, holding high-level meetings to discuss and consider issues of mutual benefit, bolstering collaboration in clean and renewable energy, and organising workshops for events related to the industry.

The memorandum also includes the commitment of the two parties to sustainable development in implementing energy, science and technology policies, taking into account economic, social and environmental considerations with regard to climate change. It also records their commitment to investment, trade and market access opportunities in the field of energy, in addition to sustainable development of energy resources, and encouraging companies in the private sector and industrial entities to engage in more cooperation and explore more business opportunities.

The UAE Minister of Energy and Infrastructure then explained that the memorandum of understanding is greatly significant in light of the common interest of both countries as it helps them implement an energy policy that would provide low-carbon, safe and sustainable energy supplies at affordable prices. He stressed that the two nations realise the importance of the need to improve energy efficiency and decarbonisation of its components, and the need to develop renewable energy technologies to help reach zero carbon emissions by 2050.

Al Mazrouei further highlighted the crucial role undertaken by the UAE and the UK in laying the foundations for climate action as the UAE is getting ready to host the 28th session of the Conference of the Parties (COP28) and in light of the outcomes of COP 26 in the UK. He also stressed their role in implementing and supporting the targets of the United Nations Framework Convention on Climate Change, the Paris Agreement, and net-zero targets by 2050.

The Minister praised the bilateral relations between the two friendly nations, which have witnessed great progress over the past few years, thanks to the support of the wise leadership of the two countries, mutual trust, respect and common interests. He then pointed out that the MoU is a reflection of the historical relations between the UAE and the UK in various fields, including the close partnership in the energy sector which represents a major underpinning of the national economies. Al Mazrouei added that such partnerships help the transition towards clean, renewable energy to take shape and support the two countries’ approach in launching projects and initiatives to ensure the implementation of the Paris Agreement on Climate Change, which the UAE was one of the first countries to ratify. He further indicated that the MoU opens up broad horizons for growth and development as part of the efforts of the two countries to diversify the energy mix, relying on clean energy, and building more partnerships to tap into the opportunities associated with the global leadership of the two nations.

Etihad Credit Insurance (ECI), the UAE Federal export credit company, announced the appointment of Board member and Managing director of ECI, Raja Al Mazrouei, as the acting CEO to succeed Massimo Falcioni, who stepped down from his position as CEO of the company.

Raja Al Mazrouei is an accomplished digital transformation expert with over two decades of experience in the financial services and technology sectors. She has a proven track record of successfully turning around and enabling businesses and is also a member of multiple boards in the region.

Abdullah bin Touq Al Marri, Minister of Economy and Chairman of ECI Board of Directors, commented, “We are in the process of moving into a transitional phase in the history of the company, which since its founding in 2018, playing a catalyst role in supporting the UAE’s non-oil exports, trade, investments, and strategic sectors’ development, in line with the country’s national economic diversification agenda. Therefore, we are pleased that Mrs. Raja Al Mazrouei will lead this stage and, we are excited for the future and the opportunities that lie ahead for our organisation under her leadership.”

He added, “This appointment came to ensure the seamless continuation of our services and to operate with the same high level of professionalism and dedication to our partners and clients. We are confident that ECI will be in capable and efficient hands during this stage, as we look forward enthusiastically to the future and the opportunities awaiting under its leadership.”

ECI expressed its sincere thanks to Massimo Falcioni, who held the CEO position for more than five years, for his efforts.