Adnoc is engine of economic growth, diversification: Khalid

His Highness Sheikh Khaled Bin Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Chairman of the Abu Dhabi Executive Council and Chairman of the Executive Committee of the Board of Directors of Adnoc, on Thursday received Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, First Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance, during a visit to Adnoc’s headquarters to review the company’s efforts to transform, decarbonise and future-proof its business, unlock value from its operations, and responsibly support global energy security.

Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Adnoc Managing Director and Group CEO, and members of the company’s executive management were also present.

During the visit, Sheikh Khaled emphasised Adnoc’s contribution as an engine of economic growth and diversification in the UAE, its transformation journey as a responsible global energy pioneer, and its pivotal role in strengthening the country’s leadership in the global energy sector.

In addition, Sheikh Khalid also highlighted Adnoc’s significant contribution to advancing the energy transition through its accelerated net-zero ambition, investment in new technologies, and strategic partnerships within the energy sector.

The Crown Prince of Abu Dhabi also emphasised Adnoc’s strategy to invest in clean energy to meet growing demand and to explore new horizons in alternative energy sources to support sustainable development. This is in line with the leadership’s vision, which prioritises sustainability and conserving natural resources while supporting the goals of the UAE Net Zero 2050 strategic initiative and accelerating global climate action efforts.

Sheikh Maktoum Bin Mohammed said that Adnoc  had set high benchmarks for sustainability among major oil producers by leading the adoption of advanced technologies for emissions reduction.

Aligned with the vision of President His Highness Sheikh Mohamed bin Zayed Al Nahyan for an eco-conscious future and the nation’s commitment to addressing global climate challenges, Adnoc has been active in diversifying energy sources, promoting the use of clean and renewable energy and reducing emissions, he noted.

Sheikh Maktoum hailed ADNOC’s strategic initiatives to raise the UAE’s contributions to global climate neutrality and its investments in low-carbon solutions and emerging energy sources. He also acknowledged ADNOC’s dedication to nurturing a skilled workforce equipped with the skills to navigate the transition to renewable energy.

His Highness praised ADNOC’s commitment to global partnerships that foster the exchange of expertise in clean energy solutions. Sheikh Maktoum also highlighted ADNOC’s vital role in the UAE’s economic growth and development and its emergence as an important player in building a sustainable future for upcoming generations.

During the visit, H.H. Sheikh Maktoum bin Mohammed toured the ADNOC Visitor Centre, which provides an immersive insight into ADNOC’s legacy and achievements, its transformation journey to a lower-carbon future and the role the company plays in enabling the UAE’s economic growth.

The centre also details how strategic partnerships are enabling the company to unlock and maximise value and responsibly meet global energy demand.

Sheikh Maktoum also visited the company’s Panorama Digital Command Centre, which has generated over $1 billion in business value since its inception in 2017. In line with the UAE leadership’s vision to become a world leader in the use of advanced technology, the centre uses digital technologies and applications, such as artificial intelligence, machine learning, and big data, to minimise emissions, enhance efficiencies and maximize value.

During his visit, heikh Maktoum heard how Adnoc is making today’s energy cleaner while investing in the energies of tomorrow. This includes the use of solar and nuclear energy to power its operations, scaling up carbon capture capacity, driving down methane emissions, and investing in renewable energy and hydrogen as a shareholder in Masdar.

Dr Sultan Ahmed Al Jaber said, “It was an honour to welcome  Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum to Adnoc. The UAE leadership’s unwavering support and wise guidance continue to be instrumental to our progress as we reinforce sustainability in all operations and bolster our position as a reliable and responsible provider of lower-carbon energy and a key contributor to the nation’s economic and social development.”

Adnoc has placed sustainability at the heart of its long-term strategy to future-proof its business. The company is accelerating its decarbonisation plan, bringing forward its net-zero ambition to 2045 from its previous target of 2050, and making an initial allocation of $15 billion (AED55 billion) to low-carbon solutions to expedite the implementation of its key decarbonisation initiatives, including carbon capture and storage, electrification, energy efficiency and nature-based solutions.

Meanwhile, the UAE Ministry of Investment, led by Minister Mohamed Hassan Alsuwaidi, headed a delegation to Egypt earlier this week to discuss investment opportunities in the country, to enhance bilateral relations and to identify avenues for economic growth.

WAM