DUBAI: The United Arab Emirates (UAE) has unveiled a significant step towards economic diversification and sustainability with the launch of XRG, an investment company focused on energy and lower carbon chemicals. The announcement was made by UAE President Sheikh Mohammed bin Zayed Al Nahyan on Wednesday, according to the state news agency WAM.
XRG is poised to play a pivotal role in advancing the UAE’s transition to cleaner energy sources while bolstering its presence in the global energy market. The initiative aligns with the country’s broader strategy to balance economic growth with environmental sustainability.
In another major development, the Abu Dhabi National Oil Company (ADNOC) has entered into a landmark 15-year gas supply agreement with Germany’s Securing Energy for Europe (SEFE). This long-term deal underscores the UAE’s commitment to strengthening energy security and forging strategic partnerships with key global players.
ADNOC also announced plans to channel 200 billion dirhams ($54.45 billion) into the UAE’s local economy over the next five years. The investment will focus on enhancing domestic economic activities and creating growth opportunities within the energy sector and beyond. This substantial allocation forms part of ADNOC’s In-Country Value (ICV) program, aimed at maximizing the socio-economic impact of its operations within the UAE.
These developments highlight the UAE’s dual approach to maintaining its position as a global energy leader while driving innovation in cleaner energy solutions. By launching XRG and making significant investments in its local economy, the UAE is reinforcing its commitment to sustainable development and international energy collaboration.
The initiatives are expected to attract further investment, create jobs, and support the nation’s vision for a diversified economy less reliant on oil revenues. The UAE continues to position itself as a forward-thinking leader in addressing global energy challenges and advancing sustainable economic growth.
