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Saturday, July 13, 2024

ADNOC highlights plans to Boost Economy

The Board of Directors at ADNOC, the UAE’s energy giant, has approved a plan to inject $48.5 billion into the country’s economy over the next five years. UAE President Sheikh Mohamed bin Zayed Al Nahyan, in his role as Chairman, presided over the ADNOC Board’s annual meeting. The budget for decarbonization projects and lower-carbon solutions has been increased to $23 billion, supporting ADNOC’s and its customers’ decarbonization efforts. ADNOC’s In-Country Value (ICV) program generated $11.2 billion in 2023, contributing to the total value of $51 billion driven back into the UAE economy since 2018. The company created 6,500 jobs for UAE nationals in 2023, aligning with its commitment to tripling renewable energy capacity and achieving net-zero emissions targets by 2030. ADNOC’s IPO strategy, carbon capture projects, and international investments, including the Absheron gas field acquisition, reflect its commitment to sustainable energy and economic growth.

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