UAE president endorses appointment of XRG board of directors

President Sheikh Mohamed bin Zayed Al Nahyan has approved the board of directors for XRG, an international energy investment company.

Launched by ADNOC in November 2024 with an enterprise value exceeding $80 billion (AED 290 billion), XRG is poised to drive the global energy transformation. The company’s focus is on strategic investments that capitalize on the evolving energy landscape, foster sustainable economic growth, and enhance long-term value creation.

Addressing the projected increase in global energy demand by 2050, XRG will invest in advanced artificial intelligence (AI) systems to optimize energy production, distribution, and efficiency. The company also aims to spearhead initiatives in lower-carbon energy and innovative technologies.

Board of directors

The newly appointed board of directors comprises renowned leaders with expertise spanning energy, chemicals, infrastructure, investment, technology, sustainability, and economic development. Their combined knowledge and vision are instrumental in executing XRG’s ambitious growth strategy.

• Sultan Ahmed Al Jaber (Executive Chairman): UAE Minister of Industry and Advanced Technology, ADNOC Managing Director and Group CEO, with over 25 years of experience in energy and advanced technologies.
• Mohamed Hassan Alsuwaidi (Board Member): UAE Minister of Investment and ADQ’s Managing Director and CEO, with expertise in utilities, infrastructure, and technology.
• Ahmed Mubarak Al Mazrouei (Board Member): Chairman of the President’s Office for Strategic Affairs and Abu Dhabi Executive Office, focusing on financial and economic governance.
• Jasem Al Zaabi (Board Member): Chairman of the Abu Dhabi Department of Finance, Vice Chairman of the UAE Central Bank, with expertise in finance and technology.
• Jon Gray (Board Member): President and COO of Blackstone, a global leader in alternative asset management.
• Nassef Sawiris (Board Member): Executive Chair of OCI Global, with vast experience in investment, commodities, and infrastructure.
• Bernard Looney (Board Member): Chairman of Prometheus Hyperscale and former CEO of bp, specializing in traditional and renewable energy sectors.

Sultan Al Jaber said, “XRG is uniquely positioned to unlock value across high-growth sectors, geographies, and value chains. Building on Abu Dhabi’s leadership in energy, XRG combines unmatched expertise, strategic partnerships, and advanced technologies to drive transformative investments across the energy value chain.”

XRG will initially focus on three strategic growth platforms:

1. International gas platform: Developing an integrated gas portfolio to address a projected 20% rise in global gas demand and a 65% increase in LNG demand by 2050. This platform will bolster global energy security and supply sustainable solutions.
2. Global chemicals platform: Positioning as a top-five global leader in essential chemical and specialty product manufacturing to support urbanization and industrialization in emerging markets. This initiative will create jobs and advance healthcare, agriculture, and technology.
3. Low-carbon energies platform: Investing in scalable solutions for hydrogen, ammonia, biofuels, and decarbonization technologies. This platform aims to meet the expected 150% growth in demand for low-carbon fuels by 2050.

Operational milestones

XRG is set to begin formal operations in Q1 2025, underscoring ADNOC’s commitment to addressing global energy challenges and advancing the UAE’s international energy leadership. With a flexible and diversified investment approach, XRG will strategically pivot to high-return opportunities, ensuring sustainable growth and long-term socio-economic impact.