Al Jaber meets with SoftBank to explore energy, AI investments

The UAE’s power man met with the head of SoftBank on Thursday as the Japanese firm is reportedly looking to make investments at the intersection of energy and artificial intelligence. 

Dr. Sultan Al Jaber, who in addition to serving in the Cabinet as Minister of Industry and Advanced Technology is also CEO of state-owned oil company ADNOC and Chairman of alternative energy firm Masdar, met with SoftBank CEO Masayoshi Son in Tokyo.

The pair discussed “trends in the energy, industry and advanced technology sectors, highlighting the importance of increasing strategic investments in these areas to enhance sustainable economic growth,” according to an Instagram post from the Ministry of Industry and Advanced Technology.

Abu Dhabi and SoftBank have a history: The capital’s sovereign wealth fund Mubadala was an anchor investor in Son’s Vision Fund I, ultimately writing down its stake as the fund’s big play for WeWork went belly up.

SoftBank’s fortunes have since reversed with Arm. The U.K. chip designer it acquired in 2016 has more than doubled its market capitalization to about $170 billion since going public last year in New York.

The Information reported on Thursday that SoftBank is looking to borrow up to $10 billion from banks to enable investments in energy-related projects. The data centers that power AI are hugely energy-intensive and face growing demand.

SoftBank is also exploring ways to gain access to a large volume of Nvidia’s graphics processing units, the building block of AI development, the Silicon Valley publication reported. 

Al Jaber also met with Japanese Prime Minister Fumio Kishida as well as Hayashi Yoshimasa, Chief Cabinet Secretary; and Taro Kono, Minister of Digital Transformation.

Alongside UAE Minister of Foreign Trade Thani Al Zeyoudi, he met with Ken Saito, Japan’s Minister of Economy, Trade and Industry of Japan to discuss strengthening trade and investments in energy and advanced industry with the world’s fourth-largest economy. 

World Future Energy Summit brings industry, investors to UAE

Corporate executives and investors are gathering in Abu Dhabi this week for the World Future Energy Summit, where the global response to climate change will top the agenda.

Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and President of COP28, called the conference, which starts on Tuesday, a “crucial platform” for governments and the private sector. Dr. Al Jaber, who is also Chairman of alternative energy company Masdar and CEO of the Abu Dhabi National Oil Co., or ADNOC, said he hopes the conference will drive investments into the world energy transition from carbon-based fuels. 

The UAE is set to put its green bona fides forward as it aims to triple its renewable energy capacity to 30% by 2030 and establish a hub for hydrogen fuel production and distribution in the coming decades.

TAQA, the energy company backed by sovereign wealth fund ADQ, is an anchor partner of the Abu Dhabi summit and will be joined by speakers including Abdulnasser Bin Kalban, CEO of Emirates Global Aluminum; Ali Tahir Jaffery, Director of Standard Chartered Bank; and Amy Lehoczky, Director of ESG at Abu Dhabi’s AI firm G42. Also appearing will be executives from German giant Siemens and Saudi Arabia’s Acwa Power.

Masdar, which last month bought a 50% stake in Terra-Gen, one of the largest private renewable energy producers in the U.S., is also set to host a parallel conference focused on hydrogen.

Former U.K. Prime Minister Boris Johnson will visit Abu Dhabi on Tuesday to address the conference amid increasing cooperation between the UAE and the UK on developing alternative energies. Masdar is looking to develop or acquire an energy portfolio of at least 100 GW capacity by 2030.