UAE News Today : Politics

ADNOC aims to generate Dh178 billion back into the UAE economy in five years

The President of the UAE, His Highness Sheikh Mohamed bin Zayed Al Nahyan, chaired the annual meeting of the ADNOC Board in his capacity as Chairman.

This will build on the $11.2 billion (Dh41 billion) generated through ADNOC’s In-Country Value (ICV) program in 2023.

ADNOC also created 6,500 jobs for UAE citizens in the private sector in 2023 through the programme, in partnership with the UAE Talent Competitiveness Council (Nafis).

These achievements bring the total value entered into the UAE economy to $51 billion (Dh187 billion), with 11,500 UAE nationals employed in the private sector since the program was launched in 2018.

As ADNOC decarbonizes and future-proofs its business, Sheikh Mohamed “noted that the company is tripling its renewable energy capacity through its stake in Masdar, while taking tangible actions toward its interim goals of reducing its greenhouse gas intensity.” greenhouse effect by 25 percent and achieve almost zero methane emissions by 2030′.

ADNOC’s decarbonization projects, to meet the planned 25 percent reduction in carbon intensity by 2030, include using clean energy to meet 100 percent of its electricity needs from the onshore grid from early 2022 and connect its marine operations to the grid through a $3.8 billion project. (Dh14 billion) project that, once completed, can reduce its offshore carbon footprint by up to 50 percent.

ADNOC had two IPOs, ADNOC Gas and ADNOC L&S, last year and invested in one of the largest carbon capture projects in the Middle East and North Africa in Habshan. It also announced the final investment decision for Hail and Ghasha Offshore Development, the world’s first project that aims to operate with net zero emissions.

And then there was the plan to acquire a 30 percent stake in the Absheron gas field in Azerbaijan.

“By prioritizing transformative growth, partnerships and international opportunities, we are well positioned to grow our operations and generate additional value, as we strive to make today’s energy cleaner, invest in tomorrow’s clean energy and continue providing safe and sustainable energy to meet our needs. growing global demand.

Delivering on this mandate reinforces our ambitious net zero pathway and our critical role as a catalyst for the UAE’s economic and industrial growth.”

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