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Adnoc says UAE and US to invest $440bn in energy

By Chris Hamill-Stewart
US and UAE energy: President Donald Trump and Crown Prince of Abu Dhabi Sheikh Khaled bin Mohamed bin Zayed Al Nahyan attend a business forum at Qasr Al Watan during the final stop of his Gulf visit, in Abu Dhabi, United Arab Emirates Amr Alfiky/Reuters
President Donald Trump and Crown Prince of Abu Dhabi Sheikh Khaled bin Mohamed bin Zayed Al Nahyan attend a business forum at Qasr Al Watan during the final stop of his Gulf visit
  • Investment plan agreed to 2035
  • US to invest $60bn in UAE energy
  • UAE to invest in US infrastructure

The UAE and US will spend a combined total of $440 billion in the energy sector by 2035, the head of Abu Dhabi National Oil Company (Adnoc) has said.

The US is expected to invest $60 billion in UAE energy projects, a panel at the UAE-US economic dialogue said during US President Donald Trump’s visit to the Gulf this week.

Trump has focused on securing big-ticket agreements in sectors including energy, technology, and aviation during his tour of the Gulf and has already announced deals worth in excess of $200 billion.

These include a $14.5 billion purchase of Boeing jets, a $4 billion investment from Emirates Global Aluminium in an Oklahoma smelter, $30 billion worth of investments in US nuclear infrastructure, and an agreement to develop a 10 square mile artificial intelligence campus in Abu Dhabi.

While further details on exactly how much of the $440 billion announced by Adnoc’s group CEO Sultan Al-Jaber have not been released, Abu Dhabi is already heavily involved in the US energy sector.

XRG, Adnoc’s $80 billion energy investment company, has already taken over its parent company’s stakes in NextDecade’s Rio Grande liquefied natural gas export facility and a planned ExxonMobil hydrogen plant – both in Texas – and is said to be hunting further LNG deals.

Mubadala Energy, an arm of Abu Dhabi’s second-largest sovereign wealth fund, signed deals in April with US energy company Kimmeridge to buy stakes in US energy assets.

In March, the UAE committed to a decade-long $1.4 trillion investment framework in the US.

A White House fact sheet said that the latest slew of deals announced brings the total investment agreements in the Gulf region to more than $2 trillion, which with the Adnoc deal brings it to nearly $2.5 trillion.

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