Despite the continued successes achieved by the UAE in diversifying its national economy, and the non-oil sectors’ contribution to the gross domestic product reaching 74.4% in the first half of 2023, the energy sector remains firmly established in achieving economic growth and sustainable prosperity. In fact, this special position that the energy sector enjoys in the UAE’s economy is not only due to the value of the gross domestic product it generates, but is also due mainly to the unparalleled economic efficiency of the Abu Dhabi National Oil Company “ADNOC” in leading the oil and gas sector to achieve Ambitious national visions.
On April 30, 2024, ADNOC Logistics and Services, the company specialized in logistics and maritime services for the energy sector, held a general assembly meeting after successfully completing the record initial public offering process on the Abu Dhabi Securities Market in June 2023. The shareholders approved during the meeting, which was chaired by His Excellency Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of the Board of Directors of ADNOC Logistics and Services, received final cash dividend distributions worth 477 million dirhams for the second half of the fiscal year 2023. Al Jaber said: “During the past year, ADNOC Logistics’ initial public offering exceeded Services bid 163 times the demand, making it the most sought-after initial public offering in the world in 2023 during listing.
What is a reason for pride and pride in the economic efficiency of the ADNOC Group is that it has created a distinct international imprint for itself and a bright image in the global energy market, to the point of successive international certificates for that. The most recent of these certificates was the ADNOC Group obtaining the title of the most valuable brand in the UAE and the second most valuable brand in the entire Middle East region.
In a related context, the value of the ADNOC Group’s brand increased by about 7% during 2023, reaching $15.2 billion. Due to its pioneering successes in economic diversification programs and environmental sustainability policies, the ADNOC Group brand also received a record AAA rating in the international BSI index.
It is worth noting that this pioneering international classification would not have been achieved without the tremendous efforts made by the ADNOC Group at all levels, locally, regionally and internationally. These efforts carefully invest in its brand and take into account the highest standards of quality to ensure leadership in the global energy sector through comprehensiveness and innovation. , and sustainability.
The ADNOC Group’s philosophy of achieving its proven economic efficiency has been based on developing integrated and interconnected value-added activities in the oil and gas industries, starting from investment and production activities to trade, distribution and logistics activities.
Throughout this chain spread globally, this comprehensiveness ensures that production costs are reduced and profits rise to their highest levels. This is confirmed annually by the financial statements of the ADNOC Group and demonstrated by the spread of its brand and trusted products in the four regions of the world.
ADNOC Group believes in the utmost importance of digital and technological innovation, the group has built important strategic alliances, especially its recent acquisition, along with G42 Artificial Intelligence, of a stake in Persight, a leading company in the field of data and digital technology, thus consolidating its position in the value chain for applications. Artificial intelligence, which enhances its capabilities to accelerate digital transformation in its production activities spread globally, and accelerates its potential to create innovative opportunities in the global energy sector.
It is certain that the development of the innovative capabilities of the ADNOC Group in the previous manner is a fundamental guarantee of its environmental success, on which plans to eliminate excess carbon from the atmosphere are based, as the group initially allocated about 84.4 billion dirhams to it, and it also recently invested in the leading company “Storega”. Globally in carbon capture and storage technology.
Based on these efforts, ADNOC Group’s capabilities are steadily increasing to find innovative solutions to reduce greenhouse gas emissions, within its stated goals to achieve zero methane emissions by 2030, and within its plans for climate neutrality by 2045, thus maintaining its position at the forefront of international climate action. This will continue to have a distinctive imprint on the national economy in the future.
* Issued by the Emirates Center for Strategic Studies and Research.
#energy #sector #enhancing #growth #national #economy
