Latest news with #SultanAhmedAlJaber
Economy ME
3 days ago
- Business
- Economy ME
AI is a once-in-a-generation investment opportunity, says ADNOC CEO as company grows U.S. investments
ADNOC aims to grow its U.S. energy investments six-fold to $440 billion in the next 10 years, said Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology & UAE Special Envoy for Climate, Group MD & CEO of ADNOC, and Chairman of Masdar. 'For us, the United States is not just a priority, it is an investment imperative,' Jaber said in a Washington event, adding that AI represented a once-in-a-generation investment opportunity. Jaber spotlights key UAE investment in U.S. energy During his participation, Jaber also highlighted the UAE's recent anchor investment in the largest liquefied natural gas plant in Texas, investments in petrochemical plants across the U.S., and a planned addition of 5.5 gigawatts of renewable energy and storage 'from coast to coast.' He also said that UAE renewable energy firm Masdar has just opened an office in Washington, and called investment in the United States an 'investment imperative.' Last month, the ADNOC CEO confirmed that the UAE plans to increase its energy investments in the U.S. to $440 billion by 2035. Al Jaber announced the strategy during a presentation to U.S. President Donald Trump, which took place during his recent visit to the UAE. The value of UAE investments in the U.S. energy sector will be boosted to $440 billion by 2035 from $70 billion now, Al Jaber told Trump, adding that U.S. energy firms will also invest in the UAE. 'Our partners have committed new investments worth $60 billion in upstream oil and gas, as well as new and unconventional opportunities,' Al Jaber said. Read: UAE to raise U.S. energy investments to $440 billion by 2035, says Al Jaber Key deals driving UAE energy investments in U.S. XRG, the international investment arm of ADNOC, is seeking to make a significant investment in U.S. natural gas, Al Jaber said. Notably, ADNOC's stakes in NextDecade's Rio Grande LNG export facility and a planned ExxonMobil hydrogen plant were transferred to XRG, which was launched last year with $80 billion in assets. The company also has a mandate to pursue global deals in chemicals, natural gas and renewables. As part of the $200 billion UAE investment announcement, ExxonMobil, Occidental Petroleum and EOG Resources are partnering with the UAE's Abu Dhabi National Oil Company (ADNOC) for expanded oil and natural gas production valued at $60 billion that will help lower energy costs and create hundreds of skilled jobs in both countries. During Trump's visit to the UAE, Holtec International and IHC Industrial Holding Company (IHC) also entered into a cooperation to build a fleet of Holtec's SMR-300 small modular reactors, starting at the Palisades site in Michigan. This agreement includes a commitment of $10 billion, and an additional $20 billion for fleet projects, helping to revitalize American nuclear energy infrastructure, strengthen domestic energy security, and create high-skilled jobs in engineering, construction and advanced manufacturing across the United States.
Axios
4 days ago
- Business
- Axios
Exclusive: Energy and tech titans to talk AI in closed-door meeting
A who's who of top execs from oil majors, tech and power giants, and financial heavyweights will gather in private today in D.C. to discuss meeting AI's energy needs. Why it matters: It shows how the topic is central to C-suites as hyperscalers seek energy — whether it's gas, nuclear or renewables — to supply data centers. Top officials with Exxon, OpenAI, BP, Constellation Energy, Carlyle and many more are slated to attend. Driving the news: Two UAE companies are convening the ENACT ("energy and action") summit alongside the Atlantic Council, a U.S. think tank. One is XRG, a large energy investor launched in late 2024 and wholly owned by UAE state oil and gas giant ADNOC. The other is UAE-based AI and tech investor MGX. ADNOC CEO Sultan Ahmed Al Jaber, who's also UAE minister of industry and advanced tech, will host, and DOE head Chris Wright is expected to attend. It's aimed at bringing together people across the AI value chain. State of play: Axios exclusively learned details about the meeting, which was first broadly announced early this month. According to organizers, expected attendees include... Exxon CEO Darren Woods, BP CEO Murray Auchincloss, and Occidental boss Vicki Hollub. Tech execs like OpenAI global affairs head Chris Lehane and Crusoe co-founder and CEO Chase Lochmiller. Power execs including Constellation Energy CEO Joseph Dominguez, Emirates Nuclear Energy Co. CEO Mohamed Al Hammadi, AES CEO Andres Gluski, and Mohamed Jameel Al Ramahi, head of UAE renewables heavyweight Masdar. Investors such as Cantor Fitzgerald chairman Brandon Lutnick, Engine No. 1 founder Chris James and Carlyle chairman of energy Marcel van Poecke. Alaska Gov. Mike Dunleavy, who's seeking investment in a major gas pipeline and LNG project in his state. The intrigue: The meeting will cover both the immediate energy needs to 2030 but also longer-term decision-making and opportunities, organizers say. The idea is not just talking shop, but producing practical takeaways, with a report expected to follow soon afterward. This session will focus heavily on the U.S., which XRG has identified as a priority market, the organizers say. Catch up quick: Al Jaber has been increasingly focusing on the AI-energy nexus. "The race for AI supremacy is essentially an energy play," he said in March. "We need every energy option available." Today's meeting follows an earlier ENACT event in Abu Dhabi in late 2024. It's consistent with Al Jaber's interest in "majlis," an Emirati tradition of communal meetings that he deployed late in the COP28 negotiations. Friction point: Environmentalists fear that fossil fuels will play an outsized role in meeting data-center demand growth, adding lots of new CO2 emissions. And the U.S. buildout comes as Capitol Hill Republicans and Trump 2.0 officials look to massively slash clean energy incentives in the 2022 climate law. The bottom line: Al Jaber called ENACT an effort to "connect the dots between sectors to help drive coordinated solutions" on AI energy needs in the event's June 4 announcement.
Fintech News ME
5 days ago
- Business
- Fintech News ME
IHC Launches AI-Powered Reinsurance Platform RIQ in Abu Dhabi
International Holding Company (IHC), a global investment firm, has announced the official launch of Reinsurance Intelligence Quotient (RIQ), a reinsurance platform based in Abu Dhabi Global Market (ADGM). This follows an earlier announcement and reflects the joint efforts of IHC, BlackRock, and Lunate to expand in the global insurance sector through the use of technology and strategic collaboration. RIQ integrates AI with sector expertise to offer reinsurance solutions across Property and Casualty (P&C), Life, and specialised segments, beginning with high-growth markets. The platform aims to enhance risk selection, cost efficiency, and service delivery by leveraging AI-driven tools. The company has formed a Board of Directors chaired by Dr Sultan Ahmed Al Jaber. The board includes H.E. Mohamed Hassan Alsuwaidi, Syed Basar Shueb, Sofia Abdellatif Lasky, and Mark Wilson. RIQ is currently finalising regulatory requirements with the Financial Services Regulatory Authority (FSRA) of ADGM. Supported by over US$1 billion in initial equity commitments and targeting over US$10 billion in liabilities, RIQ is structured to operate as an AI-native platform. Its capabilities include real-time data analysis, underwriting improvements, and capital deployment strategies. Syed Basar Shueb, CEO of IHC and RIQ board member, added: 'RIQ is the embodiment of IHC's vision to invest in the next frontier of global financial services. Backed by AI, robust capital, and strategic alignment with world-class partners, RIQ is set to elevate the insurance and capital markets ecosystem across the region and beyond.' As RIQ moves towards full operations, it plans to expand its technical capabilities, grow its workforce, and develop selected partnerships with the continued support of BlackRock and Lunate.
Al Etihad
31-05-2025
- Business
- Al Etihad
ADNOC expands its STEM Education Programme to empower UAE students in AI
31 May 2025 18:47 ABU DHABI (WAM)ADNOC has expanded its Science, Technology, Engineering and Mathematics (STEM) education programme to empower UAE students in artificial intelligence (AI) and advanced technology through an initiative called 'STEM for Life: Future of AI Schools Challenge' which held the finals today at the Abu Dhabi Energy attendance were Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO; Sarah bint Yousif Al Amiri, Minister of Education; Dr. Abdulla Humaid Al Jarwan, Chairman of the Abu Dhabi Department of Energy; Hajer Ahmed Mohamed Al Thehli, Secretary-General of the Education, Human Development and Community Council; Khalaf Abdulla Rahma Al Hammadi, Director-General of the Abu Dhabi Pension Fund, alongside senior ADNOC in January 2025, the Future of AI Schools Challenge received 14,500 applicants from 351 schools across the country, with 896 teachers helping students to design, build and pitch AI solutions that addressed one of three themes: creating real-world impact, demonstrating blue sky thinking or winning the hearts and minds of local communities. A total of 1,500 submissions were received, with 80 students in 27 teams selected to attend the the final, ADNOC and AIQ showcased how ENERGYai, the world's first agentic AI solution for the energy industry, can be deployed to improve decision making, unlock value and drive operational Al Falahi, Director, Group Business Support & Special Tasks at ADNOC, said: 'We warmly congratulate the winning teams of the Future of AI Schools Challenge for their innovative ideas, creativity and can-do mindset. Through our STEM education program, ADNOC is equipping the UAE's young talent with the skills and mindset needed to thrive in an AI-driven future."As we work to become the world's most AI-enabled energy company, we will continue to nurture the next generation of innovators who will harness the power of AI to drive progress for the UAE and unlock solutions to global challenges.' Winning teams pitched their projects to a jury which included members from the Ministry of Industry and Advanced Technology, Ministry of Education, Abu Dhabi Early Childhood Authority, ADNOC, Khalifa University, ADNOC Technology Academy, Dubai Institute of Design and Innovation, Microsoft and Neubio. Following an assessment by the jury, nine teams each were awarded the gold, silver and bronze positions respectively. Submissions featured impressive AI-powered solutions, including an automated greywater purification system, a mobile app, a personalized learning platform, and a smart farming Future of AI Schools Challenge aims to equip students with the skills needed for an evolving technology-driven future and harness the potential of AI to create value and solve real-life challenges. It is aligned with the UAE's vision to establish the country as a global AI leader by 2031 and supports the integration of AI into the UAE academic curriculum for the 2025–26 academic year. It also builds on ADNOC's corporate social responsibility program that aims to promote STEM education. Since it was launched 2018, ADNOC has empowered more than 351,000 young scientists, engineers and innovators.
Arabian Post
23-05-2025
- Business
- Arabian Post
ADNOC Commits Dhs6bn to Boost Domestic Manufacturing
Arabian Post Staff -Dubai Abu Dhabi National Oil Company has entered into framework agreements valued at Dhs6 billion with 12 UAE-based manufacturers to produce critical industrial equipment locally. This initiative, part of the 'Make it in the Emirates' programme, aims to enhance the resilience of the nation's supply chain and create up to 1,300 skilled private-sector jobs. The agreements focus on the domestic production of cables and pressure vessels, essential components in ADNOC's operations. By localising the manufacturing of these items, ADNOC seeks to ensure timely availability, reduce dependency on international suppliers, and mitigate global supply chain disruptions. ADVERTISEMENT The signing took place during the 'Make it in the Emirates' forum in Abu Dhabi, attended by Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC's Managing Director and Group CEO. Dr Al Jaber emphasised the importance of strengthening local manufacturing capabilities to support the UAE's industrial growth and economic diversification. This move aligns with ADNOC's broader strategy to stimulate domestic manufacturing. Previously, the company announced agreements with over 60 companies to locally produce critical non-oil products, aiming to manufacture AED70 billion worth of products in its procurement pipeline by 2027. These efforts are expected to create thousands of job opportunities and enhance the resilience of the local supply chain. In addition to the current agreements, ADNOC has committed over AED20 billion for the procurement of structures and metal products from national companies. This commitment is part of a broader initiative to stimulate industrial growth and create more private-sector jobs for UAE nationals. The 'Make it in the Emirates' initiative, led by the Ministry of Industry and Advanced Technology, aims to position the UAE as a global hub for advanced industry and innovation. The programme encourages local manufacturing, supports the development of national talent, and promotes sustainable industrial practices. ADNOC's investment in local manufacturing is complemented by its focus on sustainability and technological innovation. The company has been leveraging artificial intelligence and advanced technologies to optimise operations and reduce emissions. Facilities like the Habshan 5 gas processing plant and Zirku Island offshore operations have been at the forefront of deploying such technologies, contributing to ADNOC's goal of becoming a low-carbon energy leader. ADNOC's In-Country Value programme incentivises suppliers to adopt clean technologies and establish new manufacturing facilities in the UAE. Since its inception, the ICV programme has driven significant investment back into the UAE economy, supporting the nation's Net Zero by 2050 Strategic Initiative. The 'Make it in the Emirates' forum serves as a platform for collaboration between government entities, industry leaders, and investors. It showcases the UAE's commitment to fostering a robust industrial sector, enhancing economic resilience, and achieving sustainable growth.
