Latest news with #ADNOC
TAG 91.1
2 hours ago
- Business
- TAG 91.1
UAE official to be honoured with global leadership award
The Middle East Institute (MEI) announced that Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC, will receive the 2026 Distinguished Global Leadership Award at the think tank's annual gala next March. The award recognises Dr. Al Jaber's visionary leadership and transformative contributions in energy, advancing technology and socioeconomic growth, promoting international collaboration, and investing in youth talent development. Among his key contributions, Dr. Sultan has been a driving force behind the adoption of a pragmatic approach to the global energy landscape to meet rapidly expanding energy demand driven by the rise of emerging markets and exponential growth of artificial intelligence (AI). He has championed robust industry leading corporate governance standards that enhance integrity and compliance to mitigate risks and enable sustainable growth. For over 20 years, Dr. Al Jaber has combined public service with global business leadership, applying strategic vision and practical action to some of the world's most complex challenges, including advancing a comprehensive approach that embraces diverse energy options to meet increasing energy demand. 'As the UAE's Minister of Industry and Advanced Technology, Dr. Al Jaber has been a driving force behind industrial growth and economic diversification,' said MEI President Ambassador (ret.) Stuart E. Jones, 'and as Group CEO of ADNOC, he has consistently delivered a pro-growth, pro-investment, and pro-people framework to address the rising energy needs of markets and communities. His leadership reflects a bold, inclusive vision for addressing the defining challenges of our time. MEI is delighted to be associated with Dr. Al Jaber through this distinguished award.' In his role as the Managing Director and Group CEO of ADNOC, he has led the company's transformation into an advanced and progressive international energy company at the forefront of deploying AI and advanced technologies. He also serves as Executive Chairman of XRG, ADNOC's international energy investment company, designed to meet the surging demand for energy in an AI-enabled world. As the founding CEO and current Chairman of Masdar, a global renewable energy leader, Dr. Al Jaber has played a central role in positioning the UAE as a hub for energy, sustainability and technology diplomacy. Dr. Al Jaber said, 'It is an honour and privilege to be awarded the Distinguished Global Leadership Award by the Middle East Institute, and I am humbled to accept this prestigious award on behalf of the UAE leadership and the many teams that I work with on a daily basis. Since 1946, MEI has worked to strengthen understanding of the Middle East, and I want to thank them for their dedication and commitment to promoting positive relations between the Middle East and the U.S. Throughout my career, I have advocated that energy is a solution rather than a problem. That is why we need a pro-growth world, with pro-investment policies and concrete actions that include an 'and-and' approach, which embraces diverse energy options to meet the rapid growth in energy demand and unlock value creation opportunities in the energy-AI nexus.' As COP28 President in 2023, Dr. Al Jaber led nearly 200 countries to adopt the historic UAE Consensus, a market-based climate agreement that injected energy realism into policy discussions to drive practical solutions. Dr Al Jaber has continued to act as a cross-sectoral convenor to achieve tangible progress. He brought together energy, technology and finance leaders at the ENACT Majlis in Abu Dhabi and Washington DC to address the growing energy needs of AI, while unlocking its potential to transform energy systems. In addition to his ministerial and corporate roles, Dr. Al Jaber leads multiple institutions advancing frontier technologies and economic opportunity. His decades of service have earned worldwide recognition for aligning energy security with climate stewardship. Among his many honours, Dr. Al Jaber has received the U.N.'s Champion of the Earth award, was appointed a Commander of the Order of the British Empire (CBE) by Queen Elizabeth II, and received the Order of the Union from the President of the UAE. In 2024, he was recognised with the CERAWeek Leadership Award for building consensus toward a more sustainable energy future. Dr. Al Jaber holds a in Chemical Engineering from the University of Southern California, an MBA from California State University, Los Angeles, and a Ph.D. in Economics from Coventry University. The 2026 Distinguished Global Leadership Award will be presented at MEI's 78th Annual Gala, held at the Ritz-Carlton in Washington, D.C., in March 2026. The evening will bring together senior U.S. government officials, diplomats, business leaders, and members of the international policy community to celebrate Dr. Al Jaber's extraordinary achievements and enduring legacy.
Al Etihad
4 hours ago
- Business
- Al Etihad
Middle East Institute to honour Dr. Sultan Ahmed Al Jaber with 2026 Distinguished Global Leadership Award
22 July 2025 16:14 WASHINGTON, DC (WAM)The Middle East Institute (MEI) announced that Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology of the UAE and Managing Director and Group CEO of ADNOC, will receive the 2026 Distinguished Global Leadership Award at MEI's 78th Annual Gala in Washington, DC, in March award recognises Dr. Al Jaber's visionary leadership and transformative contributions in energy, advancing technology and socioeconomic growth, promoting international collaboration, and investing in youth talent his key contributions, Dr. Sultan has been a driving force behind the adoption of a pragmatic approach to the global energy landscape to meet rapidly expanding energy demand driven by the rise of emerging markets and exponential growth of artificial intelligence (AI).He has championed robust industry leading corporate governance standards that enhance integrity and compliance to mitigate risks and enable sustainable over 20 years, Dr. Al Jaber has combined public service with global business leadership, applying strategic vision and practical action to some of the world's most complex challenges, including advancing a comprehensive approach that embraces diverse energy options to meet increasing energy demand.'As the UAE's Minister of Industry and Advanced Technology, Dr. Al Jaber has been a driving force behind industrial growth and economic diversification,' said MEI President Ambassador (ret.) Stuart E. Jones, 'and as Group CEO of ADNOC, he has consistently delivered a pro-growth, pro-investment, and pro-people framework to address the rising energy needs of markets and communities. His leadership reflects a bold, inclusive vision for addressing the defining challenges of our time. MEI is delighted to be associated with Dr. Al Jaber through this distinguished award.'In his role as the Managing Director and Group CEO of ADNOC, he has led the company's transformation into an advanced and progressive international energy company at the forefront of deploying AI and advanced technologies. He also serves as Executive Chairman of XRG, ADNOC's international energy investment company, designed to meet the surging demand for energy in an AI-enabled the founding CEO and current Chairman of Masdar, a global renewable energy leader, Dr. Al Jaber has played a central role in positioning the UAE as a hub for energy, sustainability and technology Al Jaber said, 'It is an honour and privilege to be awarded the Distinguished Global Leadership Award by the Middle East Institute, and I am humbled to accept this prestigious award on behalf of the UAE leadership and the many teams that I work with on a daily basis. Since 1946, MEI has worked to strengthen understanding of the Middle East, and I want to thank them for their dedication and commitment to promoting positive relations between the Middle East and the my career, I have advocated that energy is a solution rather than a problem. That is why we need a pro-growth world, with pro-investment policies and concrete actions that include an 'and-and' approach, which embraces diverse energy options to meet the rapid growth in energy demand and unlock value creation opportunities in the energy-AI nexus.'As COP28 President in 2023, Dr. Al Jaber led nearly 200 countries to adopt the historic UAE Consensus, a market-based climate agreement that injected energy realism into policy discussions to drive practical solutions. Dr Al Jaber has continued to act as a cross-sectoral convenor to achieve tangible brought together energy, technology and finance leaders at the ENACT Majlis in Abu Dhabi and Washington DC to address the growing energy needs of AI, while unlocking its potential to transform energy addition to his ministerial and corporate roles, Dr. Al Jaber leads multiple institutions advancing frontier technologies and economic opportunity. His decades of service have earned worldwide recognition for aligning energy security with climate his many honours, Dr. Al Jaber has received the U.N.'s Champion of the Earth award, was appointed a Commander of the Order of the British Empire (CBE) by Queen Elizabeth II, and received the Order of the Union from the President of the 2024, he was recognised with the CERAWeek Leadership Award for building consensus toward a more sustainable energy Al Jaber holds a in Chemical Engineering from the University of Southern California, an MBA from California State University, Los Angeles, and a Ph.D. in Economics from Coventry 2026 Distinguished Global Leadership Award will be presented at MEI's 78th Annual Gala, held at the Ritz-Carlton in Washington, DC, in March 2026. The evening will bring together senior US government officials, diplomats, business leaders, and members of the international policy community to celebrate Dr. Al Jaber's extraordinary achievements and enduring legacy.
Yahoo
5 days ago
- Business
- Yahoo
ADNOC to transfer 24.9% stake in OMV to XRG
Abu Dhabi National Oil Company (ADNOC) has announced its plan to transfer a 24.9% shareholding in Austrian oil and gas company OMV to XRG, its wholly owned investment subsidiary. This strategic move is designed to align with ADNOC's international growth consolidation under XRG and is subject to regulatory approvals. Launched in November last year with an enterprise value exceeding $80bn (Dh293.8bn), XRG focuses on lower-carbon energy and chemicals. ADNOC has emphasised its continued commitment to its partnership with OMV, which will be maintained through XRG. The transfer is part of ADNOC's broader strategy to streamline its international investments and comes as the company prepares for the establishment of Borouge Group International, which is set to become one of the top four polyolefins producers worldwide. XRG is expected to hold ADNOC's proposed 46.94% share in Borouge Group upon completion of the transaction, pending regulatory clearances. In related developments, Santos, an Australian oil and gas company, has received a non-binding indicative offer from a consortium that includes XRG, ADQ and Carlyle. The proposal suggests acquiring all Santos shares at $5.76 each, a 28% premium to the last closing price, valuing the deal at $18.7bn (A$28.93bn). The group's bid comes after two previous undisclosed offers in March. The initial bid on 21 March proposed a cash price of $5.04 per share, and the subsequent bid on 28 March proposed a cash price of $5.42 per share. Additionally, XRG recently completed the acquisition of a 38% stake in a Turkmenistan offshore natural gas block, Block I. This acquisition complements Abu Dhabi's strategy to diversify its energy portfolio beyond oil exports. "ADNOC to transfer 24.9% stake in OMV to XRG" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Al Etihad
5 days ago
- Sport
- Al Etihad
ADNOC Sports Tournament 2025 concludes with strong participation
17 July 2025 14:02 ABU DHABI (WAM) The ADNOC Sports Tournament 2025, organised by ADNOC in collaboration with Abu Dhabi Sports Council (ADSC) and ADNEC, concluded on Wednesday after three weeks of under the theme 'Energy for Wellbeing,' the tournament brought together more than 2,000 ADNOC employees, their families, and year's edition took place across several venues, including Abu Dhabi Summer Sports at ADNEC, Fatima Bint Mubarak Ladies Sports Academy, and Al Forsan International Sports event featured more than 10 - team and individual - sports, including football, basketball, volleyball, handball, jiu jitsu, chess, padel, women's volleyball, and shooting, with age-specific competitions to encourage broader tournament also integrated traditional Emirati sports, including camel racing, falconry, and Al-Mutarah, reinforcing ADNOC's commitment to fostering national identity and pride in the UAE's cultural tournament was attended by Sheikh Zayed bin Nahyan bin Zayed Al Nahyan; Sheikh Hamdan bin Saeed bin Hamdan Al Nahyan; Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO; Dr. Sultan Al Neyadi, Minister of State for Youth Affairs; Humaid Matar Al Dhaheri, Managing Director and Group CEO of ADNEC Group; Talal Al Hashemi, Executive Director of the Events Sector at the Abu Dhabi Sports Council, alongside senior ADNOC executives and former UAE National Football this occasion, Talal Al Hashemi said, 'We are proud of our partnership with ADNOC in organising a unique sporting championship that contributes to promoting the values of health, fitness, and social cohesion, in line with the objectives of the UAE's Year of Community." ADNOC Sports Tournament was established in 1994 to support ADNOC's efforts in harnessing the power of sports to unite communities, enhance wellbeing, and inspire national pride.
Arabian Post
5 days ago
- Business
- Arabian Post
ADNOC realigns OMV and Borouge stakes under XRG
Arabian Post Staff -Dubai ADNOC will shift its 24.9 per cent holding in Austrian oil‑and‑gas group OMV AG into XRG P. J. S. C, the UAE state oil giant's $80 billion lower‑carbon energy and chemicals investment vehicle launched last November. The move aligns with ADNOC's intent to centralise its international growth assets within XRG's structure. The shareholding transfer, subject to regulatory approval, follows ADNOC's acquisition of the OMV stake from Mubadala in December 2022. In tandem, upon the completion of the proposed merger forming Borouge Group International —a polyolefins powerhouse valued at $60 billion—ADNOC's resulting 46.94 per cent BGI stake will also be held by XRG. ADVERTISEMENT The BGI framework merges OMV's 75 per cent‑owned Borealis with ADNOC's 54 per cent Borouge, and incorporates Nova Chemicals, securing the group's position among the world's top four polyolefins producers. OMV and ADNOC each will control approximately 46.94 per cent, with the remaining 6 per cent free‑float pending UAE Securities and Commodities Authority consent. Khaled Salmeen, ADNOC's downstream chief, described the move as a logical next step following the $60 billion chemicals merger, reinforcing the energy transition and investment diversification strategy. ADNOC's transfer of both its OMV holding and BGI stake into XRG reflects its ambition to streamline governance and position XRG at the core of its international chemicals and low‑carbon energy agenda. XRG, backed by global figures including former BP chief Bernard Looney and Blackstone's Jon Gray, aims to build a top‑five global chemicals platform, while expanding gas, LNG, and low‑carbon energy capacity to 20–25 million tonnes annually by 2035. The unit is also said to be exploring an international listing in London or New York within the next five years. Investors are watching for regulatory clearances across multiple jurisdictions—Austria, the UAE, and EU competition authorities—before finalising both the OMV share transfer and the formation of BGI. The new polyolefins entity is projected to deliver $500 million of annual cost synergies within three years post-merger.
