Dubai: The UAE has revealed an important step towards economic diversification and sustainability with the launch of XRG, an investment company focused on low-carbon energy and chemicals. This was announced by UAE President Sheikh Mohammed bin Zayed Al Nahyan, on Wednesday, according to the Emirates News Agency (WAM).
XRG is preparing to play a pivotal role in promoting the UAE’s transition to clean energy sources while strengthening its presence in the global energy market. This initiative is consistent with the country’s broader strategy to achieve a balance between economic growth and environmental sustainability.
In another major development, Abu Dhabi National Oil Company (ADNOC) has concluded a landmark 15-year gas supply agreement with the German Energy Insurance for Europe (SEFE). This long-term deal underscores the UAE’s commitment to enhancing energy security and establishing strategic partnerships with major global players.
ADNOC also announced plans to direct 200 billion dirhams ($54.45 billion) into the UAE’s local economy over the next five years. The investment will focus on enhancing local economic activities and creating growth opportunities within and outside the energy sector. This large allocation forms part of ADNOC’s In-Country Value programme, which aims to maximize the social and economic impact of its operations within the UAE.
These developments highlight the UAE’s dual approach to maintaining its position as a global energy leader while stimulating innovation in clean energy solutions. By launching XRG and making significant investments in its local economy, the UAE is strengthening its commitment to sustainable development and international energy cooperation.
These initiatives are expected to attract more investments, create job opportunities, and support the country’s vision of a diversified economy less dependent on oil revenues. The UAE continues to strengthen its position as a leading, forward-thinking country in addressing global energy challenges and promoting sustainable economic growth.