ADNOC’s Al Jaber pledges sixfold increase in new U.S. investments

Dr. Sultan Al Jaber, the UAE Minister of Industry and Advanced Technology and Chief Executive of the state-owned ADNOC oil company, pledged to boost investments in the U.S. by sixfold during a conference in Washington.

Calling for a global overhaul of national power grids to accommodate the massive demands of artificial intelligence, Al Jaber told the Atlantic Council Global Energy Forum on Tuesday that the industry must upgrade its technology while utilizing the broadest menu of resources, including oil, gas, nuclear and renewables.

“You can’t run tomorrow’s technology on yesterday’s grid,” Al Jaber said. “Many of our grids were built for a completely different century.” 

XRG, ADNOC’s new international investment arm, plans to inject some $440 billion into the U.S. energy industry over the next decade, Al Jaber said.

The fund is an investor in Houston, Texas-based NextDecade’s Rio Grande LNG export facility while Abu Dhabi renewable energy company Masdar, partly owned by ADNOC, has developed 5.5GW of production and storage capacity “from coast to coast,”, Al Jaber said.

Touching on the war between Israel and Iran, Al Jaber called on all parties to show restraint. “The United Arab Emirates stands for dialogue, for de-escalation and diplomacy,” he said.

“We reaffirm our belief in peace over provocation, calm over confrontation and progress through partnership, and only partnership,” Al Jaber said.

TAQA looking to acquire U.S. companies amid expansion drive

Abu Dhabi National Energy Co., the UAE capital’s omnipresent power and water utility known as TAQA, may be getting ready for a shopping spree in the U.S.

The government-owned company, whose largest shareholder is sovereign wealth fund ADQ, will focus its current plans for international expansion in the American arena, CEO Jasim Hussain Thabet tells Reuters.

“The U.S. is a key market for us,” Thabet said. “If the right opportunity presents itself for TAQA, we would be pursuing that.”

Dr. Sultan Al Jaber, the UAE’s Minister of Industry and Advanced Technology as well as CEO of the national oil company ADNOC, told President Donald Trump during his visit two weeks ago that the government plans to boost energy investments in the U.S. over the next decade to $440 billion.

TAQA, which raised $1.8 billion from a bond sale last October, would generally prefer to acquire a fully integrated company with generation, networks and “a pipeline of growth,” Thabet said.

The company’s Masdar unit last year acquired a 50% stake in U.S. renewable energy firm Terra-Gen.

UAE promotes manufacturing with $11B financing program

The UAE and its largest banks are pouring nearly $11 billion into a financing plan aimed at spawning new manufacturing companies and building the country’s industrial base.

Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, said at the opening session of the “Make it in the Emirates” conference in Abu Dhabi on Monday that the government will provide backing for a cross-section of target industries, from food and construction to renewable energy and artificial intelligence.

“Investing in manufacturing is an investment in an advanced economy,” Al Jaber said in a speech at the Abu Dhabi National Exhibition Centre. “Every investment in the industrial sector has a multiplier effect, stimulating growth and related sectors.”

Among the lenders lined up to finance the program are Emirates Development Bank, First Abu Dhabi Bank, Mashreq, Emirates NBD, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, and Wio Bank.

In his address, Al Jaber noted last week’s visit by U.S. President Donald Trump to Abu Dhabi, where he was shown a model of a new campus being built in the emirate that is planned to be the largest hub for development of AI technology outside the U.S.

“We do not see artificial intelligence as just a tool or a new technology, but as a complete economic sector expected to generate over US$1.5 trillion globally by 2040,” Al Jaber said.

Trump heads home after sewing up $200 billion in UAE deals

President Donald Trump wrapped up his four-day tour of the Gulf with a pomp-filled visit to the UAE, locking in some $200 billion in contracts that starts to fulfill the UAE’s pledge to spend $1.4 trillion in the U.S. over the next decade. He took off for Washington in the early afternoon.

With attention focused on the U.S. leader’s commitment to ease restrictions on selling advanced AI semiconductor chips to the UAE and Saudi Arabia, the two countries signed an agreement to build an AI development campus in Abu Dhabi that would be the world’s largest outside the U.S.

Though specifics on the AI tech purchases were not disclosed, Trump and Sheikh Mohamed met together with Jensen Huang, the CEO of Nvidia, which is the largest maker of the most advanced chips.

“We’re making great progress for the $1.4 trillion that the UAE has announced that it intends to spend in the United States over the next couple of years,” Trump told the UAE-U.S. Business Forum in an address early today. “This will generate billions and billions of dollars in business and accelerate the UAE plans to become a really major player in artificial intelligence.”

Trump also met with Dr. Sultan Al Jaber, the UAE Minister of Industry and Advanced Technology and CEO of ADNOC, at the business summit.

Among the deals were a $14.5 billion commitment from Etihad Airways for the purchase of 28 Boeing aircraft and a $60 billion oil and gas deal with ADNOC involving ExxonMobil, Occidental Petroleum, and EOG Resources. UAE officials said today the country will increase the value of its energy investments in the U.S. to $440 billion over the next 10 years.

Before returning to Washington, Trump visited the Abrahamic Family House on Abu Dhabi’s Saadiyat Island, the monumental prayer compound built by the UAE that contains a mosque, a church and a synagogue.

Gliding into President Sheikh Mohamed Bin Zayed’s Qasr Al Watan palace grounds on Thursday night for a state dinner, Trump’s motorcade was flanked by mounted camels to the right and Arabian stallions to the left, The Circuit’s Omnia Al Desoukie reports from Abu Dhabi.

The Emirati and American leaders then strode together through the palace’s grand marble halls, where Emirati children waved flags while the national anthems of both countries were played. President Trump was presented by Sheikh Mohammed with the Order of Zayed, the country’s highest civilian award, which was also given to former U.S. President George W. Bush in 2008.

Among the guests at the state dinner were Sheikh Mansour bin Zayed; UAE Vice President; Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi; Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Sheikh Tahnoon bin Zayed, UAE National Security Adviser; Sheikh Abdallah bin Zayed, the UAE Foreign Minister; and Yousef Al Otaiba, the UAE Ambassador to the U.S.

Khaldoon Al Mubarak, Managing Director and Group CEO of the Mubadala sovereign wealth fund, and Peng Xiao, CEO of AI tech company G42 were also present.

Senior U.S. officials at the state dinner included U.S. Commerce Secretary Howard Lutnick, Treasury Secretary Scott Bessent, Defense Secretary Pete Hegseth and Martina Strong, U.S. Ambassador to the UAE.

BlackRock joins Abu Dhabi’s IHC in $1 billion reinsurance venture

Wall Street titan BlackRock is teaming up with Abu Dhabi’s International Holding Co. to create a $1 billion reinsurance firm with its foundations in AI.

The venture announced Thursday is one of a cavalcade of deals that are being cooked up amid Trump’s tour of the Gulf next week, which will take him to Saudi Arabia on Tuesday, followed by Qatar and the UAE.

BlackRock, the world’s largest alternative investment firm, and Abu Dhabi asset manager Lunate will join as minority partners, according to a statement issued by IHC.

The new company will be chaired by Dr. Sultan Al Jaber, the UAE Minister of Industry and Advanced Technology and Chairman of ADNOC. Mark Wilson, the former chief executive of Aviva and AIA Group, will serve as CEO.

Lunate, which was founded two years ago and manages $110 billion, will provide expertise in private and public markets to the reinsurance company, which will operate from the capital city’s free zone financial center, ADGM.

Also in the run-up to the Trump visit, the U.S. is developing a fast-track process for screening foreign investments, which could smooth the process for sovereign wealth funds such as the Saudi Public Investment Fund, the UAE’s Mubadala, and the Qatar Investment Authority to sign contracts next week, Bloomberg reports.

Trump energy secretary sees ‘huge cooperation’ with the UAE

U.S. Secretary of Energy Chris Wright kicked off his tour of the Gulf this week with a palace visit in Abu Dhabi and a tour of the UAE’s state oil company.

Wright, laying the groundwork for President Donald Trump’s trip to the region, expected next month, was received by UAE President Mohamed bin Zayed on Thursday for talks that focused on joint investments in artificial intelligence and other technologies, The National reports.

The U.S. energy czar, founder of an oil fracking company, also paid a visit to the Abu Dhabi headquarters of Adnoc, where he said partnerships with the UAE, Saudi Arabia and Qatar were key to meeting growing global demand for oil and gas. He also plans to visit Riyadh and Doha during the trip.

“You’re going to see a lot of energy cooperation between the United States and the UAE,” Wright told reporters. “You’re going to see a huge cooperation on AI.”

Also meeting Wright at Qatr Al Shati Palace in the UAE capital were Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi; Dr. Sultan Al Jaber, the ADNOC Chairman and Minister of Industry and Advanced Technology; Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior; Suhail Al Mazrouei, Minister of Energy and Infrastructure; and Yousef Al Otaiba, Minister of State and the UAE’s Ambassador to Washington.

Musk’s xAI, Nvidia join with MGX in artificial intelligence fund

The UAE’s biggest tech firms are capitalizing on White House support to tighten partnerships with America’s leaders in the booming industry of artificial intelligence.

A consortium created last year by Abu Dhabi investment fund MGX, Microsoft and BlackRock to finance power-hungry AI data centers welcomed chipmaker Nvidia and Elon Musk’s xAI to the group on Wednesday.

Expansion of the top-level venture came amid the Washington visit by Sheikh Tahnoon bin Zayed, the UAE National Security Advisor and Chairman of MGX and a constellation of other tech companies, who dined at the White House this week with President Donald Trump.

Sheikh Tahnoon, who held a meeting with Musk through a video feed on Wednesday, has been accompanied through the trip by Khaldoon Al Mubarak, the MGX Vice Chairman and CEO of the Mubadala sovereign wealth fund. Also on the visit is Dr. Sultan Al Jaber, CEO of the ADNOC national oil company and the UAE Minister of Industry and Advanced Technology. Peng Xiao, CEO of the Abu Dhabi-based AI company G42, joined the call with Musk.

Among the other meetings in his U.S. rounds, Sheikh Tahnoon said he “explored opportunities for collaboration and investment” with Oracle’s Larry Ellison.

ADQ, meanwhile, another Abu Dhabi sovereign wealth fund chaired by Sheikh Tahnoon, agreed to invest a combined $5 billion in a partnership with U.S-based Energy Capital Partners to build power stations for data centers and AI projects – with the investment eventually reaching $25 billion.

The announcement came as Nvidia CEO Jensen Huang told the company’s GTC conference in San Jose, Calif., that the industry is preparing for a massive leap in building data centers and chip manufacturing plants with accompanying energy demand.

“Over the next several years, we’re going to be building giant AI factories,” he said. Not normal AI factories … ones you see from space,” Huang said.

Vance hosts ADNOC’s Al Jaber for energy, tech talks at White House

U.S. Vice President JD Vance welcomed Dr. Sultan Al Jaber, the UAE Minister of Industry and Advanced Technology and Chief Executive of ADNOC, to the White House on Monday as the two countries sought to add heft to their growing economic ties.

Al Jaber and UAE Ambassador to the U.S. Yousef Al Otaiba were part of a top-ranking Emirati delegation led by National Security Adviser Sheikh Tahnoon bin Zayed that fanned out in the presidential mansion for a series of meetings with senior Trump administration officials.

The meeting with Vance was arranged “to discuss deepening UAE-U.S. collaboration on supporting energy investment and abundance, technological leadership, and unleashing unprecedented economic growth,” the UAE Embassy said in a post on X.

On the agenda this week for Sheikh Tahnoon, Chairman of Abu Dhabi-owned International Holding Co. and sovereign wealth funds ADIA and ADQ, are meetings with Tesla’s Elon Musk, Meta’s Mark Zuckerberg, Amazon’s Jeff Bezos, and Oracle’s Larry Ellison, Semafor reports.

Also scheduled to meet Sheikh Tahnoon are Microsoft’s Satya Nadella, BlackRock’s Larry Fink, and Palantir’s Alex Karp, the news outlet said.

Abu Dhabi Sustainability Week draws presidents, energy CEOs

Environmentalists and energy companies are pouring into Abu Dhabi as a week of events focused on battling climate change kicks off.

Abu Dhabi Sustainability Week will draw 13 heads of state and at least 140 government ministers and senior officials from around the world when it starts on Monday with the annual assembly of IRENA, the U.N.’s International Renewable Energy Agency, which is based in the emirate.

With the week’s centerpiece ADSW Summit slated for Wednesday, other notable gatherings include the Global Climate Finance Annual Meeting, the World Future Energy Summit, the Green Energy Summit, the WiSER Forum for Women in Sustainability, Environment and Renewable Energy, and the ceremony to award the annual Zayed Sustainability Prize Awards.

Choreographing all the activities is Dr. Sultan Al Jaber, the UAE Minister of Industry and Advanced Technology, Group CEO of ADNOC and Chairman of the Abu Dhabi-based Masdar sustainable energy company. Al Jaber was President of COP28, the annual U.N. climate conference held in Dubai two years ago.

Among the national leaders joining the coming week’s events are Italian Prime Minister Giorgia Meloni, Malaysian Prime Minister Anwar Ibrahim, Finland’s Prime Minister Petteri Orpo, Azerbaijani President, Kenyan President William Ruto, Rwandan President Paul Kagame. ADSW is conducted under the patronage of UAE President Sheikh Mohamed bin Zayed.

”By bringing together leaders in policy, business and technology, ADSW Summit 2025 will unite the global community to deliver interconnected solutions for energy, economies, and the environment,” Masdar CEO Mohamed Jameel Al Ramahi, Sustainability Week’s official host, said in a statement.

Topping the list of ADSW speakers will be Mohamed Al Hammadi, Managing Director and CEO of the Emirates Nuclear Energy Company; Catherine MacGregor, CEO of Paris-based Engie; Greg Jackson, CEO of the U.K.’s Octopus Energy; Lord Adair Turner, Chair of the international Energy Transitions Commission; Dr. Mahmoud Mohieldin, Special Envoy for Financing the U.N.’s 2030 Sustainable Development Agenda, United Nations; Musabbeh Al Kaabi, CEO of ADNOC’s Upstream division; and Himanshu Gupta, CEO and co-founder of San Francisco-based ClimateAi.

Dubai passes climate torch to Azerbaijan as COP29 opens

A year after the UAE hosted the annual United Nations environmental summit, the torch passed today to Azerbaijan as officials and activists from 197 nations converged on the capital city of Baku for the two-week event known as COP29.

Opening the conference was COP29 President Mukhtar Babayev, Azerbaijan’s Minister of Ecology and Natural Resources, who said the earth is on a “road to ruin” and beseeched delegates to embrace U.N. goals for transition from fossil fuels. “COP29 is the unmissable moment to chart a new path forward for everyone,” he said.

The focus of this year’s climate summit is finance as estimates for the cost of building out clean energy systems, making cities more resilient to extreme weather, and transitioning factories and transportation systems away from fossil fuels run into trillions of dollars, The New York Times reports.

Much of the attention, however, is on what to expect from U.S. President-elect Donald Trump, who has dismissed global warming as a hoax. Also stirring controversy is Azerbaijan’s economic dependence on oil production, which is drawing protests similar to those against the UAE last year at COP28.

Countries will present their updated national climate action plans, which detail how they plan to reduce emissions. At the end of the conference, which closes on Nov. 22, negotiators will try to ratify a final agreement that will include new commitments to address climate change.

More than 100 heads of state and government were planning to attend, including the leaders of Barbados, Finland, Greece, Kenya, Spain, Saudi Arabia, Turkey and Pakistan. Skipping the event is U.S. President Joe Biden, as well as the leaders of China, India, Brazil, Britain, Germany and France.

Among the speakers at today’s opening event was Dr. Sultan Al Jaber, who was President of COP28. He is also CEO of Abu Dhabi-based national energy company ADNOC and the UAE’s Minister of Industry and Advanced Technology.

“I urge you all to prove once again that we can unite, act and deliver,” Al Jaber said. “Let positivity prevail and let it power the process.”