Today's Edition
ABU DHABI (WAM)
President His Highness Sheikh Mohamed bin Zayed Al Nahyan has endorsed the Board of Directors for XRG, a transformative international energy investment company.
Launched by ADNOC in November 2024 with an enterprise value exceeding $80 billion (Dh290 billion), XRG will prioritise strategic investments that capitalise on the transformation of global energy systems, enable sustainable economic growth, and enhance long-term value creation.
XRG is uniquely positioned to drive this transformation, addressing the increase in global energy demand by 2050, alongside a surge in the demand for advanced artificial intelligence (AI) systems that will use as well as optimise energy production, distribution, and efficiency. The company will also advance lower-carbon energy and technologies.
The newly appointed Board of Directors brings world-class expertise across energy, chemicals, infrastructure, investment, technology, sustainability and economic development. Their expertise positions XRG to execute its ambitious growth strategy.
H.E. Dr. Sultan Ahmed Al Jaber
- Role: Executive Chairman
Background: UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO. Dr. Al Jaber has over 25 years’ experience spanning the energy, industrial, investments, infrastructure, sustainability and advanced technology sectors and has been instrumental in helping to advance the UAE’s energy diversification.
H.E. Mohamed Hassan Alsuwaidi
- Role: Board Member
Background: UAE Minister of Investment and Managing Director and CEO of ADQ. H.E. Alsuwaidi brings extensive investment experience across multiple sectors, including utilities, metals and mining, infrastructure, technology, and agriculture.
H.E. Dr. Ahmed Mubarak Al Mazrouei
- Role: Board Member
Background: Chairman of the President’s Office for Strategic Affairs and Chairman of the Abu Dhabi Executive Office, H.E. Dr Al Mazrouei is a pivotal figure in the UAE’s financial and economic governance.
H.E. Jasem Al Zaabi
- Role: Board Member
Background: Chairman of the Abu Dhabi Department of Finance, Chairman of the Board of e& and Vice Chairman of the UAE Central Bank. H.E. Al Zaabi’s expertise spans finance, investment, technology, real estate and infrastructure.
Jon Gray
- Role: Board Member
Background: President and Chief Operating Officer of Blackstone. Mr. Gray is a globally recognised investor and long-serving leader at the largest alternative asset management firm. With more than $1 trillion in Assets Under Management, Blackstone invests broadly across private equity, real estate, infrastructure, energy, secondaries, credit and insurance.
Nassef Sawiris
- Role: Board Member
Background: Executive Chair of OCI Global. Mr. Sawiris is a globally recognised investor and business leader with decades of experience in steering businesses across sectors including investment, commodities, construction, and infrastructure.
Bernard Looney
- Role: Board Member
Background: Chairman of Prometheus Hyperscale and former CEO of bp. Mr. Looney brings vast expertise across the global energy supply chain as well as investing in traditional and renewable energies.
H.E. Dr. Sultan Al Jaber commented, “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. Building on over half a century of Abu Dhabi’s global leadership in energy and investment, XRG combines unparalleled knowledge, access to smart capital, building and nurturing strong partnerships, expanding into new markets, and leveraging advanced technologies, with an agile approach to strategic investments across the full energy value chain.
"Initially focused on the energy, low carbon and chemicals sectors, XRG is committed to delivering innovative, sustainable, and disruptive solutions that create long-term value for partners, customers, and stakeholders and supporting the accelerated need for Energy in AI. I look forward to working closely with my colleagues on the XRG Board and our international partners to create new opportunities and lasting value and socio-economic impact."
XRG
XRG underscores ADNOC’s commitment to accelerating its international growth in response to the significant global energy investment opportunity.
The company will focus on addressing megatrends, including the exponential growth of artificial intelligence (AI), the transformation of global energy systems, and the rising energy demands of emerging economies, where population growth and urbanisation are reshaping energy markets.
XRG’s diversified, flexible approach ensures it can strategically pivot to identify and invest in high- return opportunities, initially focusing on three strategic growth platforms:
1. The International Gas Platform plans to collaborate with international stakeholders to address significant energy challenges of the 21st century. It aims to develop an extensive integrated gas portfolio to meet the projected 20 percent increase in global gas demand and a 65 percent rise in LNG demand by 2050. This platform is intended to enhance global energy security and supply reliable, lower-carbon solutions.
2. The Global Chemicals Platform aims to be among the top five global leaders in producing essential chemical and specialty products, to meet the anticipated 70% increase in global demand by 2050.
This platform will facilitate growing urbanisation and industrialisation in emerging economies, thereby generating employment opportunities and promoting advancements in healthcare, agriculture, and technology through the provision of key chemical products.
3. The Low-Carbon Energies Platform aims to accelerate energy transformation and drive sustainable economic growth. It will invest in scalable solutions for hydrogen, ammonia, biofuels and decarbonisation technologies, to meet demand for low carbon fuels that is expected to grow by more than 150% to 2050.
XRG will formally begin operations in Q1 2025.
