Podgorica, (MINA-BUSINESS) – Minister of Energy and Mining Admir Sahmanovic believes that the energy cooperation agreement with the United Arab Emirates (UAE) confirms that international partners recognize Montenegro as a safe and attractive destination for investments in the energy sector 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 UAE,” Sahmanovic stated.

The governments of Montenegro and the United Arab Emirates (UAE) signed the cooperation agreement, establishing a strategic partnership focused on the development of renewable energy sources, modern energy infrastructure, and advanced technologies.

The agreement was signed on behalf of the Government of Montenegro by Admir Sahmanovic, and on behalf of the UAE Government by Suhail Mohamed Al Mazrouei, Minister of Energy and Infrastructure. The signing ceremony was attended by Montenegro’s Prime Minister Milojko Spajic and UAE President Sheikh Mohamed bin Zayed Al Nahyan.

“The agreement provides for joint projects of strategic importance for Montenegro – from the construction of solar, wind, and hydro power plants, to the application of battery energy storage systems and the development of green hydrogen production technologies,” the Ministry of Energy and Mining stated in a press release.

The agreement is particularly important for linking of the energy sector with financial technologies (FinTech) and artificial intelligence, positioning Montenegro as a potential regional hub for innovation, digital transformation, and energy transition.

The agreement also envisages the establishment of the Council for FinTech and AI Technologies of Montenegro, which will bring together representatives from the public and private sectors to develop innovative solutions, attract investments, and strengthen the resilience of the domestic economy through the application of advanced technologies.

“This agreement marks a new step in the partnership between Montenegro and the UAE, based on a shared vision of sustainable development, energy security, and economic progress,” the press release reads.

It is expected to facilitate the implementation of projects that enhance energy security, contribute to the decarbonization of the economy, and create new jobs in future-oriented industries.