emirates7 - President His Highness Sheikh Mohamed bin Zayed Al Nahyan has approved the Board of Directors for XRG, a transformative international energy investment company launched by ADNOC in November 2024. With an enterprise value exceeding $80 billion (AED290 billion), XRG will focus on strategic investments that drive the transformation of global energy systems, foster sustainable economic growth, and long-term value.
XRG is uniquely positioned to meet the growing global energy demand projected for 2050, while also capitalizing on the rising need for advanced artificial intelligence (AI) systems to optimize energy production, distribution, and efficiency. The company will also focus on advancing lower-carbon energy and technologies.
The newly appointed Board of Directors brings extensive expertise in energy, chemicals, infrastructure, investment, technology, sustainability, and economic development. Their collective experience will help XRG execute its ambitious growth strategy.
Board Members:
H.E. Dr. Sultan Ahmed Al Jaber – Executive Chairman: UAE Minister of Industry and Advanced Technology and ADNOC CEO. He has over 25 years of experience across energy, industry, investments, sustainability, and advanced technologies.
H.E. Mohamed Hassan Alsuwaidi – Board Member: UAE Minister of Investment and CEO of ADQ, with extensive experience in investments across multiple sectors such as utilities, infrastructure, and agriculture.
H.E. Dr. Ahmed Mubarak Al Mazrouei – Board Member: Chairman of the President’s Office for Strategic Affairs, a key figure in UAE financial and economic governance.
H.E. Jasem Al Zaabi – Board Member: Chairman of the Abu Dhabi Department of Finance and Vice Chairman of the UAE Central Bank, with expertise in finance, investment, technology, and infrastructure.
Jon Gray – Board Member: President and COO of Blackstone, recognized globally for his leadership at the largest alternative asset management firm, which has over $1 trillion in assets.
Nassef Sawiris – Board Member: Executive Chair of OCI Global, a business leader with extensive experience in investment, commodities, construction, and infrastructure.
Bernard Looney – Board Member: Chairman of Prometheus Hyperscale and former CEO of bp, with vast expertise in global energy supply chains and investments in traditional and renewable energies.
Dr. Sultan Al Jaber emphasized that XRG, under the UAE’s leadership, is well-positioned to unlock value across high-growth sectors and markets, leveraging advanced technologies and smart capital. The company’s focus is on the energy, low-carbon, and chemicals sectors, with a commitment to providing innovative and sustainable solutions that long-term value for stakeholders.
XRG will address global megatrends, including the rise of AI, the transformation of energy systems, and the increasing energy demands of emerging economies. Its flexible approach allows it to pivot strategically and invest in high-return opportunities, focusing initially on three key growth platforms:
1. International Gas Platform: This platform aims to address global energy challenges by developing an integrated gas portfolio to meet the expected 20% increase in global gas demand and a 65% rise in LNG demand by 2050, enhancing global energy security.
2. Global Chemicals Platform: XRG seeks to become a top-five global leader in producing essential chemicals and specialty products to meet the anticipated 70% rise in global demand by 2050, supporting urbanization and industrialization in emerging economies.
3. Low-Carbon Energies Platform: Focusing on hydrogen, ammonia, biofuels, and decarbonization technologies, this platform will support the growing demand for low-carbon fuels, which is expected to increase by over 150% by 2050.
XRG is set to begin operations in Q1 2025, marking ADNOC’s commitment to expanding its international growth in response to significant global energy investment opportunities.
XRG is uniquely positioned to meet the growing global energy demand projected for 2050, while also capitalizing on the rising need for advanced artificial intelligence (AI) systems to optimize energy production, distribution, and efficiency. The company will also focus on advancing lower-carbon energy and technologies.
The newly appointed Board of Directors brings extensive expertise in energy, chemicals, infrastructure, investment, technology, sustainability, and economic development. Their collective experience will help XRG execute its ambitious growth strategy.
Board Members:
H.E. Dr. Sultan Ahmed Al Jaber – Executive Chairman: UAE Minister of Industry and Advanced Technology and ADNOC CEO. He has over 25 years of experience across energy, industry, investments, sustainability, and advanced technologies.
H.E. Mohamed Hassan Alsuwaidi – Board Member: UAE Minister of Investment and CEO of ADQ, with extensive experience in investments across multiple sectors such as utilities, infrastructure, and agriculture.
H.E. Dr. Ahmed Mubarak Al Mazrouei – Board Member: Chairman of the President’s Office for Strategic Affairs, a key figure in UAE financial and economic governance.
H.E. Jasem Al Zaabi – Board Member: Chairman of the Abu Dhabi Department of Finance and Vice Chairman of the UAE Central Bank, with expertise in finance, investment, technology, and infrastructure.
Jon Gray – Board Member: President and COO of Blackstone, recognized globally for his leadership at the largest alternative asset management firm, which has over $1 trillion in assets.
Nassef Sawiris – Board Member: Executive Chair of OCI Global, a business leader with extensive experience in investment, commodities, construction, and infrastructure.
Bernard Looney – Board Member: Chairman of Prometheus Hyperscale and former CEO of bp, with vast expertise in global energy supply chains and investments in traditional and renewable energies.
Dr. Sultan Al Jaber emphasized that XRG, under the UAE’s leadership, is well-positioned to unlock value across high-growth sectors and markets, leveraging advanced technologies and smart capital. The company’s focus is on the energy, low-carbon, and chemicals sectors, with a commitment to providing innovative and sustainable solutions that long-term value for stakeholders.
XRG will address global megatrends, including the rise of AI, the transformation of energy systems, and the increasing energy demands of emerging economies. Its flexible approach allows it to pivot strategically and invest in high-return opportunities, focusing initially on three key growth platforms:
1. International Gas Platform: This platform aims to address global energy challenges by developing an integrated gas portfolio to meet the expected 20% increase in global gas demand and a 65% rise in LNG demand by 2050, enhancing global energy security.
2. Global Chemicals Platform: XRG seeks to become a top-five global leader in producing essential chemicals and specialty products to meet the anticipated 70% rise in global demand by 2050, supporting urbanization and industrialization in emerging economies.
3. Low-Carbon Energies Platform: Focusing on hydrogen, ammonia, biofuels, and decarbonization technologies, this platform will support the growing demand for low-carbon fuels, which is expected to increase by over 150% by 2050.
XRG is set to begin operations in Q1 2025, marking ADNOC’s commitment to expanding its international growth in response to significant global energy investment opportunities.