DMEA: Lootah Biofuels to collaborate with SAVICO Group

The UAE’s Lootah Biofuels has revealed that it is currently in talks with Vietnamese renewable energy company SAVICO Group, focusing on strengthening bilateral cooperation and achieving sustainable development in Vietnam and the UAE.

Discussion between the two parties took place at the Vietnam-UAE Business Forum, which was organised by the Vietnamese Ministry of Planning and Investment and the Vietnamese Embassy with help from Dubai Chambers. Individuals present at the event included the UAE’s Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi, Dubai Chambers Chairman Abdulaziz Al-Ghurair, and Mohammed Ali Rashid Lootah, Director General of Dubai Chambers. Members of the Vietnamese delegation notably included the country’s Prime Minister Pham Minh Chin, as well as Nguyen Thanh Hong, Chairman of the Board of Directors of SAVICO Group – along with numerous officials, investors and businesses from both countries.

Founder and CEO of Lootah Yousif bin Saeed Lootah commented on the collaboration with SAVICO and noted that his company would aim to “deepen [its] partnership to contribute to advancing sustainable energy solutions, which aligns with the UAE’s strategic vision and energy diversification goals in support of Net Zero targets”.

The CEO continued to highlight the benefits of increased cooperation between the two countries: “The Vietnam–UAE Business Forum highlighted the importance of enhancing economic cooperation and promoting joint investments in critical sectors, with a focus on green economy opportunities, digital transformation, and innovation,” adding: “We are committed to leveraging the opportunities presented by the sustainability and circular economy sectors as part of our ongoing efforts to support clean energy and advance the biofuel industry, contributing to the UAE Climate Neutrality Strategy 2050 and the Sustainable Development Goals”.

While committing to work with countries abroad, Lootah has also voiced its full support for the UAE’s Circular Economy Strategy – a plan that outlines strategies the private sector can use to improve sustainable practises. This also includes the country’s National Biofuels Policy, which is designed to promote more sustainable fuels and broader energy diversification.

Currently, one of Lootah’s main goals lies with increasing the share of biodiesel in the UAE’s fuel mix to at least 20% by 2050.

If you’d like to read more about the key events shaping Africa and the Middle East’s downstream sectors, please click here for NewsBase’s Downstream Middle East & Africa Monitor.