UAE President Chairs ADNOC Board of Directors Meeting

Photo : Abu Dhabi Media Office

Sheikh Mohamed bin Zayed Al Nahyan, the President of the UAE, chaired the annual meeting of ADNOC’s Board of Directors at the ADNOC Headquarters. During the meeting, he approved the creation of a new company called XRG, which will focus on clean energy and chemicals. XRG will help ADNOC grow internationally and meet the increasing need for natural gas, chemicals, and low-carbon energy.

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Sheikh Mohamed praised ADNOC for its success in expanding internationally. He said that XRG will build on this success and bring long-term value to the UAE.

The Board also agreed that ADNOC will invest AED 200 billion (about US$54.5 billion) into the UAE’s economy over the next five years through its In-Country Value (ICV) program. This year, ADNOC has already contributed AED 55 billion (about US$15 billion) through the program. The ICV program also created 5,500 new jobs for Emiratis in the private sector this year. Since the program started in 2018, ADNOC has helped employ 17,000 Emiratis in the private sector. The total value ADNOC has brought back to the UAE economy is AED 242 billion (about US$65.9 billion).

Sheikh Mohamed also highlighted ADNOC’s key role in helping the UAE grow and diversify its economy. He thanked ADNOC for creating value for the country and helping the private sector. ADNOC has signed agreements worth AED 72 billion (about US$19.6 billion) with both UAE and international companies since 2022. ADNOC aims to locally produce AED 90 billion (about US$24.5 billion) worth of products by 2030 to support the UAE’s “Make it in the Emirates” initiative.

The Board also discussed ADNOC’s plan to grow its natural gas business. Through the Ruwais LNG project, ADNOC will more than double the UAE’s natural gas production to 15 million tonnes a year. ADNOC is also expanding its business in countries like Egypt, Mozambique, Azerbaijan, and the United States.

The Board was also briefed on ADNOC’s use of new technologies, such as artificial intelligence (AI), to improve its work, reduce emissions, and prepare for the future. Sheikh Mohamed visited ADNOC’s AI center to learn about how the company uses AI to improve safety, reduce pollution, and create more value. He also learned about some of ADNOC’s new AI tools, like Robowell, an automatic system for controlling oil wells, and ENERGYai, a new AI solution developed with AIQ, G42, and Microsoft.

Sheikh Mohamed met with young Emirati workers leading ADNOC’s AI projects. He praised ADNOC for training and empowering young Emiratis, especially in areas like trading. This will help ADNOC create new ways to make money and grow its business around the world.

Sheikh Mohamed stressed that the people of the UAE are the most important part of the country’s success. He thanked ADNOC employees for their hard work and encouraged them to keep improving their work and efficiency.

The meeting was also attended by other important leaders, including Sheikh Mansour bin Zayed Al Nahyan, Vice President and Deputy Prime Minister of the UAE; Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi; and Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC’s Managing Director and CEO.

Dr. Sultan Ahmed Al Jaber spoke about ADNOC’s efforts to stay strong in the future by using new technologies, improving efficiency, and reducing pollution. He also mentioned ADNOC’s goal to reach net-zero emissions by 2045. The Board agreed to speed up ADNOC’s efforts to become more sustainable and help the UAE reach its green energy goals.