Adnoc Distribution targets 200 EV stations this year

Wam

Adnoc Distribution, the UAE’s largest fuel and convenience retailer, is planning to more than double the number of fast electric vehicle (EV) charging stations as part of its five-year expansion strategy.

The company has 90 fast EV charging points and aims to reach 150-200 by the end of the year, the UAE state-run Wam news agency reported, quoting Bader Saeed Al Lamki, CEO of Adnoc Distribution.

In addition, the Abu Dhabi-listed subsidiary of state-run energy giant Adnoc plans to install 500 fast electric chargers over the next five years.

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Al Lamki said the company plans to expand its network of fuel stations in the UAE, Egypt, and Saudi Arabia.

Over the next five years, the number of fuel stations in the UAE, Egypt, and Saudi Arabia will reach 1,000, up from the current 840.

Al Lamki said Adnoc Distribution plans to open 15 to 20 new fuel stations this year and expand non-fuel retail services.

The company this month said its annual net profit increased by 2.3 percent to AED550 million ($150 million) in the first quarter. Net profit excluding UAE corporate tax reached AED607 million in Q1 2024, 13 percent higher than a year ago.

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The target is to increase non-fuel transactions by 50 percent and increase the number of convenience stores by 25 percent, Al Lamki said in its Q1 2024 financial statement.

Parkin, the state-backed parking management company, signed an agreement with the Dubai Electricity and Water Authority (Dewa) this month to increase the number of EV green charger stations at prime locations across the emirate.

UAEV, a joint venture between the Ministry of Energy and Infrastructure and Etihad Water and Electricity, has also announced its intention to build a network of high-performance EV chargers across the seven emirates.

The new venture plans to roll out 100 fast and ultra-fast chargers by the end of 2024 and install at least 1,000 EV chargers by the end of the decade.