The United Arab Emirates aims to continue using its hydrocarbon wealth to attract international investors as the Persian Gulf state aims to expand its economy and prepare for a post-oil age.
Government-owned Abu Dhabi National Oil Co., which holds most of the country’s crude and natural gas reserves, has attracted $64.5 billion in foreign direct investment since 2016, the emirate’s media office said in a statement. In that time, Adnoc has listed shares in service stations and drilling units and sold stakes in pipeline and real estate assets.
The company should continue expanding its “investor base to drive foreign direct investment to the UAE” and build new partnerships to help adapt to the energy transition, according to the statement released after a meeting of the executive committee of Adnoc’s board of directors.
The UAE is the third-largest producer in the Organization of Petroleum Exporting Countries, behind Saudi Arabia and Iraq. It’s spending billions to pump more, with crude output capacity set to rise by about 25% to 5 million barrels a day by 2030. At the same time, the country is building renewable energy capacity to cut emissions and driving investment in financial markets, technology and tourism to cut reliance on oil.
Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, a son of the UAE ruler and himself mooted as a potential candidate to be the emirate’s next crown prince, chaired the meeting.
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