The governments of Montenegro and the UAE signed an Agreement on Cooperation in the Field of Energy

The governments of Montenegro and the United Arab Emirates (UAE) have signed an Agreement on Cooperation in the Field of Energy, which establishes a strategic partnership between the two countries in the field of development of renewable energy sources, modern energy infrastructure and advanced technologies, the Ministry of Energy and Mining announced today.

As stated in the statement, the agreement was signed on behalf of the Government of Montenegro by the Minister of Energy and Mining Admir Šahmanović and on behalf of the Government of the UAE by the Minister of Energy and Infrastructure Suhail Mohamed Al Mazrouei, in the presence of the Prime Minister of Montenegro Milojko Spajić and the President of the UAE Mohamed bin Zayed Al Nahyan.

"The agreement envisages joint action on projects of strategic importance for Montenegro, from the construction of solar, wind and hydroelectric power plants, to the application of battery systems for energy storage and the development of technologies for the production of green hydrogen," it states.

The ministry emphasized that the special significance of the Agreement lies in connecting the energy sector with financial technologies and artificial intelligence, whereby Montenegro aspires to position itself as a regional center for innovation, digital transformation and energy transition.

"It is also planned to establish a Council for FinTech and AI Technologies of Montenegro, which will bring together representatives of the public and private sectors and work on developing innovative solutions, attracting investments and strengthening the resilience of the domestic economy through the application of advanced technologies," the statement reads.

According to them, this agreement represents a new step in the partnership between Montenegro and the United Arab Emirates, based on a shared vision of sustainable development, energy security and economic progress.

"This partnership confirms that foreign partners recognize Montenegro as a safe and attractive place for investments in energy and advanced technologies. Our goal is to open a new chapter in the development of renewable energy sources, digital infrastructure and innovation through cooperation with the United Arab Emirates," said Minister of Energy and Mining Admir Šahmanović.

The agreement, they said, will enable faster implementation of projects that strengthen energy security, contribute to the decarbonization of the economy, and create new jobs in the sector of the future.