Issued directives to conclude new strategic partnerships and expand existing ones

Khalid bin Mohamed bin Zayed approves plans to continue expanding the investor base in ADNOC

Khalid bin Mohammed bin Zayed while chairing the meeting of the Executive Committee of the Board of Directors of "ADNOC".

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His Highness Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, member of the Abu Dhabi Executive Council and head of the Abu Dhabi Executive Office, chaired the meeting of the Executive Committee of the Abu Dhabi National Oil Company (ADNOC) Board of Directors, which was held at the company's headquarters.

His Highness approved plans to continue expanding the base of investors in ADNOC to encourage foreign direct investment. He also directed the establishment and expansion of ADNOC's strategic partnerships.

ADNOC's efforts

During the meeting, His Highness praised ADNOC's efforts to support the local added value by providing new local manufacturing opportunities, after signing agreements with local and international manufacturers, to provide a percentage of its needs that it plans to buy from locally manufactured products and materials, with a value of 21 billion dirhams. According to the agreements, ADNOC's partners will establish new industrial facilities in the UAE and expand the existing ones, in addition to their cooperation with ADNOC to explore the possibility of implementing new investments in the local manufacturing sector.

Investor base

On the other hand, His Highness Sheikh Khalid bin Mohamed bin Zayed Al Nahyan approved plans to continue expanding ADNOC's investor base to push foreign direct investment. Since 2016, ADNOC has expanded its program for strategic partnerships and joint investments, and attracted a group of the largest investors in the world. , by concluding a number of large deals that attracted foreign direct investment worth 237 billion dirhams (64.5 billion dollars) to the UAE.

New Partnerships

His Highness also issued directives to conclude new strategic partnerships and expand existing ones, to take advantage of the opportunities offered by the developing energy landscape.

In May 2022, ADNOC signed an agreement with BP and Masdar to develop clean hydrogen and technology centers in the United Kingdom, which will strengthen their existing strategic partnership in the field of energy.

Under the direct supervision of His Highness Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, the ADNOC Executive Committee provides strategic guidance to the company, in its quest to implement its smart growth strategy 2030, and contribute to advancing economic growth in the UAE, which directly supports the objectives of the “Fifty Principles.” » for the Emirates.

The Executive Committee holds meetings throughout the year to review the progress made by ADNOC in achieving its strategic and financial objectives, and its operational performance.

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