UAE President chairs ADNOC board meeting, approves $80 billion investment arm

The UAE's President His Highness Sheikh Mohamed bin Zayed Al Nahyan has chaired the annual meeting of the ADNOC Board of Directors.

During the meeting, His Highness approved the launch of XRG, a lower-carbon energy and chemicals investment company, valued at more than $80 billion.

XRG will focus on investments in natural gas, chemicals and low-carbon energy to meet global demand.

Sheikh Mohamed praised ADNOC for its achievements and highlighted how XRG will build on these successes to deliver long-term sustainable value for the UAE.

The board also endorsed ADNOC’s plan to invest AED 200 billion into the UAE economy over the next five years through its In-Country Value programme, which has already contributed AED 55 billion this year and created 5,500 Emirati jobs in the private sector.

In addition, ADNOC has signed local manufacturing agreements worth AED 72 billion since 2022, supporting the UAE’s ‘Make it in the Emirates’ initiative.

The board reviewed ADNOC’s progress in expanding its gas production, including the Ruwais LNG project, which will more than double the UAE’s liquefied natural gas output.

The company is also building a global gas business with investments in Egypt, Mozambique, Azerbaijan and the US.

Sheikh Mohamed visited ADNOC’s AI centre, where he was briefed on the company’s digital and AI initiatives aimed at enhancing efficiency and reducing emissions.

He was shown innovations like Robowell, an autonomous well-control solution, and ENERGYai, a groundbreaking AI tool developed in collaboration with AIQ, G42 and Microsoft.

His Highness met with Emirati employees driving AI initiatives and praised ADNOC for its commitment to developing young talent. He emphasised that the UAE’s leadership will continue prioritising human capital development.