Sharjah24 - WAM: Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, has met with Karl Nehammer, Chancellor of the Republic of Austria, Alexander Schallenberg, Austria's Minister of Foreign Affairs, Dr. Magnus Brunner, Austria’s Minister of Finance, and a number of Austrian government and private sector officials in Vienna.

Dr. Al Jaber conveyed the greetings of the UAE leadership, emphasising their keenness to bolster UAE-Austria cooperation. He also praised the strong Emirati-Austrian relationship, spanning 50 years, which continues to grow and thrive, highlighting the Comprehensive Strategic Partnership announced in 2021 as a recent example. Dr. Al Jaber stressed the importance of further expanding existing ties through the pursuit of new collaborations that drive mutually beneficial and sustainable economic yields, and joint investments that drive economic diversification efforts, strengthen cooperation, and deliver benefits for both countries in vital sectors.

Dr. Al Jaber also commended Austria's positive and active participation in COP28, where it announced an increase in its contribution to the Green Climate Fund (GCF) to €160 million per annum, its support for initiatives to boost renewable energy production capacity threefold and double energy efficiency by 2030, as well as its announcements and commitments related to agriculture, food systems and health.

The Austrian side praised the strategic ties and affirmed the desire to advance them across all sectors within the strategic partnership, which includes political, economic, trade, financial, cultural, advanced technology, and artificial intelligence (AI) fields, as well as infrastructure, energy, and renewable energy. They also congratulated the UAE on its presidency and organization of COP28, during which it succeeded in delivering the UAE Consensus to transition away from fossil fuels in energy, and other strategic initiatives and commitments set to turbocharge global climate action. The two sides stressed the importance of building on the outputs of the conference and working to implement them.

First Ministerial Meeting of the Strategic Partnership

Chaired by Dr. Sultan Al Jaber and Alexander Schallenberg, the first ministerial meeting of the UAE- Austria Comprehensive Strategic Partnership took place during the visit. The meeting included deliberations on the latest developments in bilateral relations related to all facets of the partnership, which includes political, diplomatic, and international cooperation areas, including strengthening diplomatic efforts aimed at resolving global crises that threaten international peace and security. It also discussed cooperation across economic, energy, trade, industry, and advanced technology fields, including AI and data centers, as well as cross-sectoral partnerships and collaboration in arts, culture, and heritage.

The meeting also addressed the latest developments in investments and emphasised the importance of boosting joint investments in priority sectors, such as energy, its supply, and diversifying its sources, climate action, and enhancing the role of small and medium-sized enterprises (SMEs) in both countries. The two sides praised the outcomes of the UAE-Austria Joint Economic Committee meeting held in Dubai in December 2023, and the recently signed Air Transport Services Agreement, which will boost trade exchange, cooperation, and create more opportunities in the aviation sector, and the cooperation agreement to promote the adoption of artificial intelligence in various sectors.

Dr. Al Jaber said, "The UAE leadership is committed to building and strengthening its cooperation with the international community in a way that contributes to driving economic and social progress and growth. In this context, we appreciate the efforts made under the strategic partnership with Austria, which will undoubtedly contribute to bolstering bilateral cooperation, achieving sustainable economic growth in the two countries, and enhancing joint work on issues of common interest.

"Since the launch of the comprehensive strategic partnership, UAE-Austria ties have witnessed great progress, and this partnership has contributed to strengthening cooperation within its key pillars and creating new opportunities for joint work between all concerned parties in the government and private sectors of the two countries."

Karl Nehammer said, “The UAE is an important strategic partner on a variety of fields from energy diversification to security and stability in the region.

Alexander Schallenberg said, “It is good to welcome my colleague Dr. Sultan Al Jaber to Austria on the occasion of the 50th anniversary of our diplomatic relations. The United Arab Emirates are Austria’s most important trading partner in the Gulf region, with over 150 Austrian companies already present. Our Strategic Partnership allows us to greatly expand our bilateral relations, spanning not just trade, but also the political and cultural realm. As for future prospects, we endeavor to cooperate even closer in fields such as sustainability, intercultural and interreligious dialogue as well as artificial intelligence.”

Half a Century of Growing Bilateral Relations

The Austrian Chancellor hosted the UAE delegation at a private meeting in which both sides celebrated the golden jubilee of the establishment of the bilateral relations between their countries, which developed into a comprehensive strategic partnership in 2021, aimed at ushering in an ambitious phase of cooperation to achieve their shared aspirations for further development and prosperity. During the ceremony, the two sides praised the progress made in their bilateral relations, stressing the need to continue strengthening joint work and uncovering new cooperation prospects to reach the ambitions of the leaderships of the two countries and the objectives of the UAE-Austria Comprehensive Strategic Partnership.

Three Decades of successful business partnership between ADNOC and OMV

"It is our honor to celebrate two significant anniversaries during the visit of His Excellency Dr. Sultan Al Jaber. This year marks 50 years since the establishment of diplomatic relations between our countries and 30 years of a strong partnership between OMV and Abu Dhabi. As the Finance Minister of the Republic of Austria, I am pleased that amidst the diplomatic visit, there is also time and space to highlight the economic partnership. Economic cooperation is not only beneficial for the positive development of companies but also a success story for taxpayers," stated Finance Minister Dr. Magnus Brunner.

The partners also celebrated the occasion of nearly three decades of the cooperation between ADNOC and OMV, based on a shareholder´s agreement with ÖBAG, the state holding company, which has greatly contributed to building strategic partnerships in the energy and chemicals sectors, creating value, driving growth, and supporting the priorities of the two countries in achieving and maintaining energy security, and exploring new opportunities in the fields of clean and renewable energy, including hydrogen This took place at a ceremony hosted by Dr. Alfred Stern, CEO of OMV, with the participation of senior government officials from both countries, senior management representatives from ADNOC and OMV, and Members of OMV’s Supervisory Board.

At the end of February 2024, ADNOC announced the official closing of its acquisition of a 24.9% stake in OMV, thereby increasing its shareholdings in both Borealis AG (Borealis) and Borouge plc (Borouge), further bolstering its footprint in the chemicals sector, enabling synergies and unlocking significant growth opportunities across its broader chemicals portfolio. In addition, OMV is a partner with ADNOC in its Upstream operations in Abu Dhabi, and a partner in ADNOC Refining, which operates the world’s fourth largest single site refinery in Ruwais, Abu Dhabi, and ADNOC Global Trading (AGT).

Trade and Direct Investments

The UAE is Austria's top investment partner in the Middle East and North Africa (MENA) region and sixth globally, with Emirati investments amounting to approximately $8.2 billion (4% of total foreign investment flows in Austria) in 2023, while Austria stands at 10th among the UAE's trading partners at the European Union level. The UAE also ranks first as Austria's largest trading partner among the GCC countries (43% of Austria's total trade with GCC countries) and second among Arab countries (16% of Austria's total trade exchange with Arab countries). The volume of UAE-Austria non-oil trade in the first nine months of 2023 recorded a growth of 18% year-on-year reaching around $1 billion.