Sheikh Khaled bin Mohamed bin Zayed Commends ADNOC’s Recent Strategic Initiatives
His Highness chaired a meeting of the Executive Committee of the ADNOC Board of Directors.
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His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, led the meeting of the Executive Committee of the ADNOC Board of Directors.
During this meeting, His Highness approved the final investment decision (FID) for ADNOC’s Ruwais liquefied natural gas (LNG) project, which focuses on lower-carbon intensity and the award of an Engineering, Procurement and Construction (EPC) contract for the project valued at approximately $5.5 billion (AED20.2 billion).
Situated in Al Ruwais Industrial City in Abu Dhabi’s Al Dhafra region, this project will be the first LNG export facility in the Middle East and North Africa (MENA) region to operate on clean power, positioning it as one of the world’s lowest-carbon intensity LNG plants.
His Highness emphasized that this project will strengthen ADNOC’s role as a dependable global natural gas supplier and will catalyze the development of Al Ruwais Industrial City by attracting investments and enhancing the local industrial ecosystem. The project will source highly specialized equipment and materials, with 55% of the EPC award value reinvested into the UAE’s economy through ADNOC’s In-Country Value (ICV) program. This initiative aims to stimulate economic and industrial growth and create skilled private-sector jobs for Emiratis.
During the meeting, His Highness praised ADNOC’s recent strategic acquisitions in major lower-carbon LNG projects in the United States and Mozambique. He was also briefed on various growth projects across ADNOC’s value chain and instructed to maintain a focus on targeted growth both locally and internationally to meet the rising energy demand.
He also reviewed ADNOC’s strategy to further integrate artificial intelligence (AI) and technology across its operations to generate greater value and deliver smarter, cleaner, and safer energy worldwide. As part of this strategy, ADNOC is harnessing its low-carbon energy portfolio to support AI growth while accelerating the integration and deployment of AI solutions across its value chain to unlock additional value, reduce emissions, and enhance safety.
The EPC contract for the Ruwais LNG project was awarded to a joint venture led by Technip Energies, along with JGC Corporation and NMDC Energy. The Ruwais LNG project will feature two 4.8mmtpa LNG liquefaction trains with a total capacity of 9.6mmtpa, effectively more than doubling ADNOC’s existing UAE LNG production capacity to around 15mmtpa as the company expands its international LNG portfolio. The facility will utilize artificial intelligence (AI) and cutting-edge technologies to improve safety, minimize emissions, and boost efficiency.
The meeting was attended by several notable members, including H.E. Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO; H.E. Suhail Mohamed Al Mazrouei, Minister for Energy and Infrastructure; H.E. Khaldoon Khalifa Al Mubarak, Managing Director and Group CEO of Mubadala Investment Company; and H.E. Jassem Mohammed Buatabah Al Zaabi, Chairman of the Abu Dhabi Department of Finance.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Employment grew for the 16th consecutive month as companies expanded.
2 min
According to a recent PMI report, Qatar experienced its fastest non-energy sector growth in almost two years in June, driven by surges in both existing and new business activities.
The Purchasing Managers’ Index (PMI) headline figure for Qatar reached 55.9 in June, up from 53.6 in May, with anything above 50.0 indicating growth in business activity. Employment also grew for the 16th month in a row, and the country’s 12-month outlook remained robust.
The inflationary pressures were muted, with input prices rising only slightly since May, while prices charged for goods and services fell, according to the Qatar Financial Centre (QFC) report.
This headline figure marked the strongest improvement in business conditions in the non-energy private sector since July 2022 and was above the long-term trend.
The report noted that new incoming work expanded at the fastest rate in 13 months, with significant growth in manufacturing and construction and sharp growth in other sectors. Despite the rising demand for goods and services, companies managed to further reduce the volume of outstanding work in June.
Companies attributed positive forecasts to new branch openings, acquiring new customers, and marketing campaigns. Prices for goods and services fell for the sixth time in the past eight months as firms offered discounts to boost competitiveness and attract new customers.
Qatari financial services companies also recorded further strengthening in growth, with the Financial Services Business Activity and New Business Indexes reaching 13- and nine-month highs of 61.1 and 59.2, respectively. These levels were above the long-term trend since 2017.
Yousuf Mohamed Al-Jaida, QFC CEO, said the June PMI index was higher than in all pre-pandemic months except for October 2017, which was 56.3. “Growth has now accelerated five times in the first half of 2024 as the non-energy economy has rebounded from a moderation in the second half of 2023,” he said.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
