The official visit to London of the President of the United Arab Emirates (UAE), Sheikh Khalifa bin Zayed al-Nahyan, in early May resulted in, among other things, the signing of two memoranda of understanding (MOUs) between two Abu Dhabi state-owned corporations, on the one hand, and Royal Dutch Shell and UK Green Investment Bank pic (GIB), on the other, which could lead to their investing over $11 billion. The first agreement was signed between Abu Dhabi National Oil Company (ADNOC) and Shell and concerns the development of the sour gas reserves of the Bab oil field. The second agreement was signed between Masdar and GIB and provides for the two companies to cooperate in the renewable energy sector over a seven-year period.
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