'Broad array' of opportunities for US-UAE investments

US Energy Secretary Rick Perry says lengthy conversations have been held over potential deals

Outgoing US energy Secretary Rick Perry delivers a speech at the First Global Challenge Dubai 2019 Robotics competition. EPA

The UAE and United States have discussed potential partnerships as well as cross-border investments and working together in the solar and nuclear energy sectors, as the US continues to look to export liquefied natural gas to the Middle East, US Secretary of Energy, Rick Perry said.

“Yes we did ….. lengthy conversations as we do almost every time we meet,” he told reporters on Sunday, when asked about potential UAE-US joint investments and the cross-border deals.

“We had some discussions about US LNG’s continual imports in this part of the world. What you all are doing with the nuclear power [in the UAE] and we are partnering in some of those [projects] so there is a broad array of energy opportunities,” Mr Perry said on the sidelines of the First Global Challenge – a robotics event arranged by the Dubai Future Foundation, where he delivered a keynote speech.

Mr Perry, who will step down from his post by the end of the year, did not give details of his meetings or when he expects to see deals signed, saying the topics discussed were “pretty good cross-cutting of partnerships …. stay tuned”.

The US is eyeing opportunities to sell LNG to the UAE and Saudi Arabia as its shale gas boom creates export opportunities and Arabian Gulf countries look to meet rising domestic gas needs. Saudi Arabia, requires new gas supplies, which the Arab World’s biggest economy needs for power generation, industrial use and as feedstock for petrochemical projects.

The US sent 11 LNG shipments to the UAE over the past three years and it is looking to sell more of the fuel here, Mr Perry told Bloomberg in an earlier interview.

Within the oil and gas sector, UAE entities have signed a number of significant recent deals, including concession agreements with  companies from Russia, China, India, Germany, Austria, France and Italy.

"Competition is a good thing, it is sometimes not comfortable," Mr Perry said when asked about the more competitive market in which US firms bidding for work in the region now find themselves.

"We tried to relay the historic good partner that the US is, recognising that price matters."

He said the US shares many of the same goals as the UAE, especially when it comes to reducing carbon emissions.

"The US has reduced emissions by 14 per cent in the last decade so you have a good partner there."

While in the UAE, Mr Perry on Saturday visited Mohammed bin Rashid Al Maktoum Solar Park, the biggest solar power generation project in the world, where US company First Solar has helped to build the first 13 megawatts phase.

“I happen to think that the Emirates are as visionary as any country in the world when it comes to the diversity of energy concept. Not just talking about it but actually having real results,” he said on Sunday.