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Thu 1 Mar 2012 02:04 PM

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Merkel looks to tap UAE renewables

German head of state confident two countries can further co-operation

Merkel looks to tap UAE renewables
Germany is one of the UAE’s largest trading partners

German Chancellor Angela
Merkel has said Germany may look at tapping into the UAE’s renewable energy
initiatives as the two countries look to bolster bilateral relations.

Speaking during a visit to
the Gulf state, Merkel said she was confident the two countries could open up
new areas of joint cooperate and further build on the partnership, UAE state
news agency said.

Germany is one of the UAE’s
largest trading partners with bilateral trade between the two countries
reaching $8.4bn in 2009. Germany has long been wooing investors from the
oil-rich Gulf states to invest in the country.

Abu Dhabi-based carrier
Etihad Airways in December agreed to pay €72.9m ($94.5m) to increase its stake
in Air Berlin to 29.2 percent, making it the airline’s largest single
shareholder.

Etihad, which already owned
2.99 percent of Germany’s second-largest airline, said the synergies from the
deal could bolster revenues by up to €45m next year for each carrier.

Germany has also said it
hopes to the UAE will partner with its wind-farm projects. 

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