Op-Ed: ADNOC is UAE’s ubiquitous vehicle for economic diversification

By Mohammed Jalal Alrayssi Reprint | | Print |

Mohammed Jalal Alrayssi is Executive Director of the Emirates News Agency, WAM

ABU DHABI, Nov 4 2018 - The recent trailblazing steps taken by ADNOC to deliver growth across value chain and expand its partnership model on international markets are seen as a step forward on the path to underpin its integrated 2030 Strategy, which is premised to transform the way the Group maximises value from every barrel, and deliver the greatest possible return to Abu Dhabi while helping meet the world’s growing demand for energy.

These initiatives have been well-received by the Supreme Petroleum Council (SPC) as being a quantum leap on the way to ensure ADNOC’s transformational development and sustain its efficient contributions to the nation’s economic diversification strategy, laid down as per the prudent vision of President His Highness Sheikh Khalifa bin Zayed Al Nahyan and the direct overseeing of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

The ambitious downstream growth strategy initiated by ADNOC, unlocks new opportunities for large segments of investors in the public and private sectors alike, by optimising performance and maximising value through engaging international investors in collaboration with SMEs to intensify the use of national products and services.

The economic diversification policy embraced by the country, stems from prudent utilisation of oil & gas revenues to ensure sustainable income streams for generations to come in a way that dissipates any concerns about the depletion of oil wealth. A concern that is set to be replaced with confidence and optimism instilled by the pioneering steps being taken to maximise revenues and unlock values of the hydrocarbon sector while investing these revenues in future industries, namely advanced technology, AI, etc.

At the heart of ADNOC’s economic diversification strategy lies a firm belief in the significant value boasted by the UAE as a world-class logistics hub that connects the country with its strategic partners across Europe and Asia through modern ports that provide unmatched world services.

ADNOC’s new five-year business plan and capital investment growth of AED 486 billion (US$132.33 billion) between 2019-2023, approved today by SUPC, along with the new oil and gas finds, corroborate in no uncertain way the Group’s resilience and ability to keep pace with world developments. A pioneering role the ADNOC has been playing over the past decades and will continue to assume over years to come through its robust partnership model inside and outside the country, driven by the UAE’s soft power as well as the great potential of its youth and women’s empowerment.

Translating the late Sheikh Zayed’s sound bite that man is the one who builds plants, ADNOC reaffirms that man is its most cherished asset and that hopes are pinned on this generation whose members are well-equipped with state-of-the-art technology to ensure the wise leadership’s vision for a safe, stable and bright future for the nation.

WAM/Hatem Mohamed/Hassan Bashir

WAM/Hassan Bashir