Abu Dhabi: President His Highness Sheikh Mohamed bin Zayed Al Nahyan has presided over the annual meeting of the ADNOC Board of Directors. During the meeting, held at ADNOC Headquarters, His Highness approved the launch of XRG, a lower-carbon energy and chemicals investment company aimed at accelerating ADNOC’s international growth and driving greater value.
According to Emirates News Agency, XRG will initially focus on investments that cater to the increasing global demand for natural gas, chemicals, and low-carbon energies. His Highness praised ADNOC for its achievements in implementing its international growth strategy and emphasized that XRG will build upon these accomplishments to ensure long-term sustainable value for the UAE. The board endorsed ADNOC’s target to inject AED200 billion (US$54.5 billion) into the UAE economy over the next five years through its In-Country Value (ICV) programme, having already contributed AED55 billion (US$15 billion) this year.
The ICV programme has also facilitated the
creation of 5,500 jobs for Emiratis in the private sector this year in collaboration with the Emirati Talent Competitiveness Council (Nafis). Since the inception of the programme in 2018, ADNOC has driven AED242 billion (US$65.9 billion) back into the UAE economy and employed 17,000 Emiratis in the private sector.
His Highness underscored ADNOC’s pivotal role as a catalyst for the UAE’s growth and diversification, commending the company for prioritizing value creation for the nation and fostering economic and industrial opportunities for the private sector. ADNOC is committed to enabling local manufacturing of critical industrial products in its supply chain. Since 2022, the company has signed local manufacturing agreements worth AED72 billion (US$19.6 billion) with UAE and international companies, aiming to locally manufacture AED90 billion (US$24.5 billion) worth of products by 2030 as part of the UAE’s ‘Make it in the Emirates’ initiative.
The board also reviewed ADNOC’s gas growth strategy, commending t
he company’s progress in leveraging the UAE’s gas resources to meet global demand. Through the Ruwais LNG project, ADNOC aims to more than double its UAE liquefied natural gas (LNG) production capacity to around 15 million tonnes per annum (mtpa) and develop an integrated global gas business with strategic investments in Egypt, Mozambique, Azerbaijan, and the US.
ADNOC is advancing its artificial intelligence and digital technology (AIDT) strategy to become the world’s most AI-enabled energy company. The board praised ADNOC for its leadership in digitalization and AI to enhance efficiencies and future-proof its business. Prior to the meeting, His Highness visited ADNOC’s AI center and was briefed on its integration of AI to enhance safety, maximize value, and reduce emissions.
His Highness met with young Emirati employees leading AI initiatives and was briefed on how Emirati traders are being upskilled to increase revenue streams for the company. He praised ADNOC for empowering young Emirati talent and emph
asized the importance of human capital development.
Dr. Sultan bin Ahmed Al Jaber, Managing Director and Group CEO of ADNOC, highlighted the company’s steps to future-proof its business and accelerate AI adoption to drive efficiency and unlock value. He emphasized ADNOC’s commitment to delivering more energy with fewer emissions while ensuring sustainable value and growth.
ADNOC’s strong sustainability performance and efforts to decarbonize were also highlighted. The board directed ADNOC to intensify its 2030 sustainability strategy and its ambition to achieve net zero by 2045. ADNOC ranks among the least carbon-intensive oil and gas producers globally and aims to reduce its carbon intensity by 25% and target near-zero methane emissions by 2030.