ADNOC Says UAE, US to Invest $440 billion in Energy Sector through 2035
The United States and the United Arab Emirates plan to spend a total of $440 billion in the energy sector over the next decade, Sultan al-Jaber, the UAE oil company ADNOC, said on Friday.
As part of a tour of Gulf countries, US President Donald Trump announced deals with the UAE totalling over $200 billion.
Already in March, when senior UAE officials met Trump, the UAE had committed to a 10-year, $1.4 trillion investment framework in the United States to deepen reciprocal ties, Reuters reported.
The framework will "substantially increase the UAE's existing investments in the US economy" in AI infrastructure, semiconductors, energy, and manufacturing, the White House said in a statement on Friday.
XRG, the international investment arm of ADNOC, is hunting for a significant investment in US natural gas.
ADNOC's stakes in NextDecade's Rio Grande LNG export facility and a planned ExxonMobil hydrogen plant - both in Texas - were transferred to XRG, which was set up last year and which ADNOC has said has $80 billion in assets. It has a mandate to pursue global deals in chemicals, natural gas and renewables.
Mubadala Energy, an arm of Abu Dhabi's second largest sovereign wealth fund, last month signed a deal with US firm Kimmeridge that will give it stakes in US gas assets.
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