UAE President Sheikh Mohamed Bin Zayed Al Nahyan Endorses New Board Of Directors For XRG Energy Investment Company

President His Highness Sheikh Mohamed bin Zayed Al Nahyan has approved the Board of Directors for XRG, a new international energy investment firm. ADNOC launched XRG in November 2024 with a value over $80 billion (AED290 billion). The company aims to make strategic investments that support global energy system changes, promote sustainable economic growth, and enhance long-term value.

XRG is set to address the rising global energy demand by 2050. It will also focus on the increasing need for advanced AI systems to optimise energy production and efficiency. The company plans to advance lower-carbon energy technologies. The newly appointed board members bring expertise in various fields like energy, chemicals, infrastructure, and technology.

H.E. Dr. Sultan Ahmed Al Jaber serves as Executive Chairman. He is the UAE Minister of Industry and Advanced Technology and ADNOC's Managing Director and Group CEO. Dr. Al Jaber has over 25 years of experience in sectors like energy, industrial investments, and sustainability. H.E. Mohamed Hassan Alsuwaidi joins as a board member with extensive investment experience across multiple sectors.

H.E. Dr. Ahmed Mubarak Al Mazrouei is another board member who plays a key role in the UAE’s financial governance. H.E. Jasem Al Zaabi brings expertise in finance and technology as a board member too. Jon Gray, President and COO of Blackstone, adds his global investment knowledge to the board.

XRG will initially focus on three strategic growth platforms: International Gas, Global Chemicals, and Low-Carbon Energies. The International Gas Platform aims to meet the projected 20% increase in global gas demand by 2050 through an integrated gas portfolio. This initiative seeks to enhance global energy security with reliable solutions.

The Global Chemicals Platform targets becoming a top leader in chemical production by addressing a 70% rise in demand by 2050. It will support urbanisation and industrialisation in emerging economies while promoting advancements in healthcare and agriculture through essential chemical products.

Focus on Low-Carbon Solutions

The Low-Carbon Energies Platform aims to drive sustainable economic growth by investing in scalable solutions like hydrogen and biofuels. Demand for low-carbon fuels is expected to grow by more than 150% by 2050. XRG plans to formally start operations in Q1 2025.

H.E. Dr. Sultan Al Jaber stated that XRG is positioned to unlock value across high-growth sectors under UAE leadership guidance: "Under the guidance of the UAE’s leadership, XRG is a transformative investment company, uniquely positioned to unlock value across high-growth sectors, geographies, and value chains that are underpinned by strong market fundamentals."

XRG highlights ADNOC’s commitment to accelerating international growth amid significant global energy opportunities. The company will address megatrends such as AI growth and rising energy demands due to population increases reshaping markets.

XRG’s flexible approach allows it to pivot strategically towards high-return opportunities focusing on energy transformation needs driven by AI advancements: "Initially focused on the energy, low carbon and chemicals sectors... supporting the accelerated need for Energy in AI," said Dr. Al Jaber.

The company's diversified strategy ensures it can identify promising investments while adapting to changing market conditions globally: "Building on over half a century of Abu Dhabi’s global leadership... leveraging advanced technologies," added Dr. Al Jaber.

This initiative underscores ADNOC's dedication towards sustainable development while meeting future demands effectively through innovative solutions across various platforms globally within its operational framework starting next year.

With inputs from WAM