The council was unveiled by Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, managing director and group chief executive of Adnoc and chairman of Masdar, and Patrick Pouyanne, chairman and chief executive of TotalEnergies.
The council, chaired by Dr Al Jaber and Mr Pouyanne, aims to strengthen the economic relations between the two countries in the fields of energy, transport and investment.
It also aims to promote economic exchange, and identify and implement private cross-investment projects.
The council is made up of 18 chief executives selected for their interests in strengthening economic ties between the two countries.
Council members will meet at least once a year, in the presence of their respective ambassadors, alternating between the UAE and France. The next plenary session will be held in the Emirates in May or June.
The council has also established three working groups dedicated to energy, industry, technology, transportation, and investment.
The groups will be tasked with making clear recommendations to further promote economic exchange between the UAE and France.
Earlier in the day, both countries signed two major energy agreements: a comprehensive strategic energy partnership between the UAE and France, and a strategic partnership agreement between Adnoc and TotalEnergies.