Mexican Delegation Visits Arab Gulf States

A delegation from the Mexican government, led by the Ministries of Finance and Foreign Affairs, visited the Arab Gulf States (Kuwait, Saudi Arabia, Oman, Qatar and the UAE). The purpose of this visit was to promote investment in key infrastructure projects of the current administration, as well as in other industries. "Our objective is to attract investment to Mexico by capitalizing on the relocation of global companies and pursuing joint investments and bilateral economic cooperation projects," announced Gabriel Yorio, Deputy Finance Minister.

Yorio said that the delegation met with investors and investment funds, many of whom are already part of Mexico’s investor base, with the collective aim to explore financial cooperation projects that facilitate the funding of initiatives aligned with common interests, including clean energy and projects aimed at ensuring the population's access to water.

Furthermore, Carmen Moreno Toscano, Deputy Minister of Foreign Affairs, stated that the UAE is an important trade and diplomatic partner voicing its interest to deepen commercial and political ties. Yorio shared that Mexico is looking to diversify its economy and highlighted Mexico’s efforts to transition to cleaner energies.

Moreover, Yorio recognized that the UAE and Mexico share strong investment ties in the oil and gas industry, aiming to amplify these investments to other industries. Mexico said that both countries share similar views regarding climate change and sustainability. “Mexico shares its perspectives with the UAE regarding COP28 and recognizes the need for global collaboration to mitigate climate change,” said Yorio.

Yorio expressed Mexico’s interest in greenifying the financial Mexican market and underlined efforts and placements of green bonds to achieve so. “Like Mexico, both Kuwait and Saudi Arabia have relied on oil as their main source of economic income, but they are diversifying their economies through the creation of development enclaves,” he said.

During the delegation’s visit to Saudi Arabia, Mexico recognized a great area of opportunity for both countries to collaborate. “We do see infinite opportunities for partnering … to strengthen ties, including sustainable financial markets. We have shared interest to increase trade, food security, energy transition, sustainable infrastructure and water,” said Yorio. Both nations agreed to join forces to identify synergy opportunities. 

Shared View on the Future of Oil and Gas

In March 2023, Haitham al-Ghais, Secretary General, OPEC, visited Mexico for the first time since 2016. Al-Ghais talked about the importance of the oil industry for energy security and highlighted that global demand will increase 23% by 2045 as the population grows. He said that Mexico is key in this scenario, especially with its increased refining capacity with the construction of the Olmeca refinery. “Demand cannot be met with just one source of energy. All energy sources are required to complement each other,” said al-Ghais.

As the COP28 climate summit approaches, the UAE, this year's host of the summit, expressed its belief that countries should prioritize the gradual reduction of fuel emissions rather than completely ceasing the production of oil, gas and coal. Phasing out fossil fuels could harm countries heavily reliant on revenue from these industries, as renewables cannot easily replace them, highlighted UAE Minister for Climate Change and Environment, Mariam Almheiri.