Adnoc’s strategy creates many growth opportunities for UAE

Abu Dhabi / WAM

ADNOC Downstream Investment Forum, which will start in Abu Dhabi on Sunday, is a step forward in ADNOC’s innovative initiatives launched over the past years to provide added value to key companies, subsidiaries and the national economy in general.
Commenting on the forum, Hamad Al Shamsi, Secretary-General of the Supreme Petroleum Council, underlined the significant role played by the downstream sector in powering the next phase of ADNOC’s growth.
“ADNOC’s plan to expand downstream and stretch the dollar from every barrel of oil is the right move both for ADNOC and for the UAE. Ensuring maximum possible returns from the assets entrusted to us by the nation and our founder Sheikh Zayed, is of vital importance to the economic growth and future of the UAE.”
He added, “Under the wise leadership of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and the continuous follow-up of the leader of our renaissance His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, ADNOC’s expansion in the downstream is a major milestone in the transformation of ADNOC and will serve to build a sustainable and resilient future for the company.”
The two-day forum will highlight to global business leaders from a broad range of industries, the key position that Abu Dhabi and the UAE have, with their history of partnership, geocentric location and stable environment, as a destination of choice for investment and strategic partnerships.
“When looking at major investments, we look at reliable feedstock, access to markets, the ability to leverage our technology, and the ability to fund. Abu Dhabi is an important business hub for us because it meets all of these criteria and because of our successful Borouge partnership with ADNOC. We look forward to discussing the exciting next phase of development in the petrochemical industry for Abu Dhabi and ADNOC,” said Mark Garrett, Chief Executive Officer, Borealis.
For his part, Musabbeh Al Kaabi – CEO, Petroleum & Petrochemicals, Mubadala, noted, “Through our global asset base, we have a fully integrated portfolio and extensive downstream operations, which we are leveraging to generate value and returns for Mubadala. We are also able to bring technology and market knowledge from this portfolio to support ADNOC’s pivot to enhance the Emirate’s downstream capability and serve the growing demand for refined products and petrochemicals in the emerging markets of the Middle East and Asia.”
Ahmed Ali Al Sayegh, Chairman, ADGM said that ADNOC has a track record spanning decades as a “strategic and trusted investment partner for all the international oil and gas companies. Setting such a great example inspires us at ADGM to work with all our partners to develop Abu Dhabi as a leading international financial centre that facilitates foreign direct investments and growth for our region.”
John Flint, CEO, HSBC, underscored the enormous growth potential held by the Middle East: “Enormous growth potential, ambitious economic transformation agendas and a geography connecting three continents make the Middle East key to HSBC’s future. Our enduring presence in Abu Dhabi and the wider region has been built on our ability to help clients capture opportunities and to help them adapt to great social, technological and economic shifts.”
Abdulhamid Saeed, Group CEO, First Abu Dhabi Bank, stated, “The ADNOC downstream strategy builds on the stability and security that makes the UAE such an attractive place to invest and do business, reinforcing the country’s position as one of the world’s leading economic hubs. We are confident that ADNOC’s significant investment plan will encourage more organisations to establish operations in the country, supporting new job creation and the continued growth of the UAE’s economy.”
Joe Kaeser, President and CEO, Siemens, expressed belief that “Digitalisation will change the way we look at productivity, efficiency, and sustainability in the oil & gas industry, including the downstream sector. Siemens is honored and proud to be ADNOC’s technology partner – for the benefit of both customers and society.”
“ADNOC’s downstream strategy is to be warmly welcomed by all of us who are committed to securing the best possible economic future for the UAE. The expansion of its downstream business will result in a significant boost to ADNOC’s In-Country Value creation program and offer a wide range of opportunities for local businesses,” said Mohammed Thani Al-Rumaithi, Chairman of the Federation of the GCC Chambers, Chairman of the Federation of the UAE Chambers of Commerce and Industry, and Chairman of The Abu Dhabi Chambers of Commerce and Industry.
“ADNOC’s downstream strategy will not only create numerous business and growth opportunities for the UAE private and public-sector companies, it will also strengthen UAE’s international reputation as a place that brings together opportunity, investment, talent and enterprise,” he added.
The Forum will provide the ideal setting for industry leaders to learn about the many investment and partnership opportunities that will be made available across our value chain as ADNOC expands downstream. Importantly, these opportunities will generate attractive returns for ADNOC and its partners and have a significant spillover impact on the development of the UAE’s economic growth.