Melons in the United Arab Emirates. What will change for Eni, Leonardo and Fincantieri
Fruitful prospects for large Italian groups such as Leonardo, Eni and Fincantieri after the mission of the Prime Minister, Giorgia Meloni, to the United Arab Emirates. Facts and insights
Fruitful prospects for large Italian groups such as Leonardo, Eni and Fincantieri after the mission of the Prime Minister, Giorgia Meloni, to India and the United Arab Emirates. After analyzing the facts and scenarios on the mission that took place in India ( here and here the articles at the end of the mission), Start Magazin takes stock of the results of the one in the Emirates, starting with the signing of the agreement between the companies of the two countries, Eni and Adnoc.
THE SIGNING OF THE ENI-ADNOC AGREEMENT IN THE EMIRATES IN THE PRESENCE OF MELONI
Claudio Descalzi, Chief Executive Officer of Eni, and Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technologies of the United Arab Emirates and Director General and Chief Executive Officer of Adnoc, yesterday signed a Memorandum of Understanding (MoU) which outlines a framework cooperation for future joint projects in the field of energy transition, sustainability and decarbonisation. The signing took place in the presence of the Prime Minister, Giorgia Meloni, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates.
HERE ARE THE TERMS OF THE AGREEMENT BETWEEN ENI AND ADNOC
With this agreement, Eni and Adnoc will explore potential opportunities in the fields of renewable energy, blue and green hydrogen, CO2 capture and storage (CCS), reduction of greenhouse gas and methane emissions, energy efficiency, reduction of routine flaring and the commitment to the Global Methane Pledge, to support global energy security and achieve a fair energy transition. Furthermore, they will evaluate areas of cooperation for sustainable development and the promotion of a culture of sustainability within the energy industry and its stakeholders.
THE COMMENT OF DESCALZI (ENI)
"This agreement leverages the strategic relationship that Eni and Adnoc have developed over the years, to strengthen cooperation in the commitment to decarbonisation and for a just energy transition". This was stated by Eni's CEO, Claudio Descalzi, commenting on the strategic agreement signed between Eni and Adnoc to accelerate the reduction of emissions and strengthen cooperation in the clean energy and sustainability sectors. “It comes – adds Descalzi – at a crucial moment, in a complex international situation and in view of the imminent COP28 in which the United Arab Emirates, as host country, will have to define their vision for an agenda leading to an energy transition clean".
ENI'S ROLE IN THE UNITED ARAB EMIRATES
Eni has been present in Abu Dhabi since 2018. With a significant portfolio of projects in the United Arab Emirates, Eni is one of the leading international companies in the country.
NOT ONLY ENI IN THE EMIRATES
There are about 600 companies with Italian participation in the Emirates. The sectors of action are energy, infrastructure and transport, financial services. "But here there are also many opportunities – underlined the Italian Foreign Minister, Antonio Tajani – in the innovation and agro-food sectors". There are ample margins for trade, which grew in the first 11 months of 2022, and reached 7.4 billion (+17.6% on 2021) to increase further.
THE PURPOSE OF PREMIER MELONI'S MISSION IN THE UNITED ARAB EMIRATES
It was a decisive mission to restore a virtuous relationship with a player whose relevance does not end with the Arab Gulf, underlined Il Sole 24 Ore : "Among the causes of deterioration of relations, the ban on the export of arms to the Emirates at the time of the Conte II Government (prohibition then removed in August 2021), and a consequential, general worsening of cooperation in defense, up to the revocation at short notice of the use of the Al Minhad air base. Without forgetting the judicial aftermath of the failed marriage between Alitalia and Etihad ".
THE SCENARIOS ON ITALY-UNITED ARAB EMIRATES RELATIONS
Favorable prospects are expected for the approximately 600 Italian companies present in the country, mainly active in the energy, infrastructure and transport and financial services sectors. This is the feeling that one gathers in government circles. Following the talks, Deputy Prime Minister Tajani and Industry Minister Sultan Ahmed Al Jaber signed a declaration on enhanced cooperation in the context of COP28, the next edition of the UN climate conference, which will be hosted in Dubai from 30 November to 12 next December. An essential appointment for the Emirates, which have every intention of making use of the collaboration of Italy as a privileged partner on issues of the environment and energy transition. These are fundamental themes in the strategy for modernizing the UAE economy. And Italian companies can make fundamental know-how available to help the country in the ambitious decarbonisation process, remarked the Confindustria newspaper.
OPPORTUNITIES ALSO FOR LEONARDO AND FINCANTIERI
The relaunch of diplomatic relations between the two countries will also create new spaces for the defense sector but in the meantime Fincantieri has moved forward: in February it signed a cooperation agreement with Abu Dhabi Ship Building to work together on the construction of fleets of military vessels and commercial. In the field of defense electronics, the Italian group Elettronica and the UAE Etimad Holding also recently signed a partnership agreement. And then there is Leonardo who is well established in the area, commented Il Sole .
THE JUICE OF THE MISSION
Basically, after years of misunderstandings, we are faced with a relaunch of bilateral relations between the two states. A strategic partnership agreement has been signed, which will have to be conjugated concretely, but which lays the foundations for significant commercial, political and strategic developments, wrote Corriere della Sera . "It seems to me that there is ample willingness on the part of Sheikh Bin Zayed to lend a hand in the full will to recover a relationship of friendship for Italy's national interests", is the summary of the premier.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/meloni-negli-emirati-arabi-uniti-che-cosa-cambiera-per-eni-leonardo-e-fincantieri/ on Sun, 05 Mar 2023 08:18:58 +0000.