Khaled bin Mohamed bin Zayed meets board members of XRG
During the meeting, Sheikh Khaled bin Mohamed reviewed XRG's investment opportunities and how the company will help meet the increasing global demand for lower-carbon energy.
Emphasising priorities for growth
Sheikh Khaled bin Mohamed emphasized the significance of prioritizing initiatives and programs that drive the company's growth across gas, chemicals, and low-carbon energy, in alignment with ADNOC's interests and objectives for XRG.
Strengthening global partnerships for economic growth
He also highlighted the importance of strengthening strategic global partnerships that contribute to realizing the leadership's vision by implementing high-impact projects that support sustainable economic growth.
XRG's launch and goals
XRG was officially launched during ADNOC's Annual Board of Directors Meeting in November 2024, with an enterprise value exceeding AED290 billion (US$80 billion). XRG aims to meet rising global demand for energy while supporting sustainable economic growth by expanding ADNOC's international investments in low-emission energy and chemicals.
Attendees of the
m
eeting
The meeting was attended by Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of the Abu Dhabi National Oil Company (ADNOC), and Executive Chairman of XRG; Dr. Ahmed Mubarak bin Nawi Al Mazrouei, Chairman of the President's Office for Strategic Affairs and Chairman of the Abu Dhabi Executive Office; Saif Saeed Ghobash, Secretary-General of the Abu Dhabi Executive Council; Jon Gray, President and Chief Operating Officer of Blackstone; Nassef Sawiris, Executive Chair of OCI Global; and Bernard Looney, Chairman of Prometheus Hyperscale.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Today
10 hours ago
- Gulf Today
US and China to resume tariff talks in effort to extend truce
Senior US and Chinese negotiators meet in Stockholm on Monday to tackle longstanding economic disputes at the centre of the countries' trade war, aiming to extend a truce keeping sharply higher tariffs at bay. China is facing an August 12 deadline to reach a durable tariff agreement with President Donald Trump's administration, after Beijing and Washington reached a preliminary deal in June to end weeks of escalating tit-for-tat tariffs. Without an agreement, global supply chains could face renewed turmoil from duties exceeding 100%. The Stockholm talks, led by US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng, take place a day after European Commission President Ursula von der Leyen meets Trump at his golf course in Scotland to try to clinch a deal that would likely see a 15% baseline tariff on most EU goods. Trade analysts on both sides of the Pacific say the discussions in the Swedish capital are unlikely to produce any breakthroughs but could prevent further escalation and help create conditions for Trump and Chinese President Xi Jinping to meet later this year. Previous US-China trade talks in Geneva and London in May and June focused on bringing US and Chinese retaliatory tariffs down from triple-digit levels and restoring the flow of rare earth minerals halted by China and Nvidia H20 AI chips and other goods halted by the United States. So far, the talks have not delved into broader economic issues. They include US complaints that China's state-led, export-driven model is flooding world markets with cheap goods, and Beijing's complaints that US national security export controls on tech goods seek to stunt Chinese growth. 'Stockholm will be the first meaningful round of U.S.-China trade talks,' said Bo Zhengyuan, Shanghai-based partner at China consultancy firm Plenum. Trump has been successful in pressuring some other trading partners, including Japan, Vietnam and the Philippines, into deals accepting higher US tariffs of 15% to 20%. He said there was a 50-50 chance that the US and the 27-member European Union could also reach a framework trade pact, adding that Brussels wanted to 'make a deal very badly'. Two of Trump's top trade officials, Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer, will attend the Scotland talks and then travel to Stockholm. Analysts say the U.S.-China negotiations are far more complex and will require more time. China's grip on the global market for rare earth minerals and magnets, used in everything from military hardware to car windshield wiper motors, has proved to be an effective leverage point on US industries. In the background of the talks is speculation about a possible meeting between Trump and Xi in late October. Trump has said he will decide soon whether to visit China in a landmark trip to address trade and security tensions. A new flare-up of tariffs and export controls would likely derail any plans for a meeting with Xi. 'The Stockholm meeting is an opportunity to start laying the groundwork for a Trump visit to China,' said Wendy Cutler, vice president at the Asia Society Policy Institute. Bessent has already said he wants to work out an extension of the August 12 deadline to prevent tariffs snapping back to 145% on the US side and 125% on the Chinese side. Still, China will likely request a reduction of multi-layered US tariffs totaling 55% on most goods and further easing of US high-tech export controls, analysts said. Beijing has argued that such purchases would help reduce the US trade deficit with China, which reached $295.5 billion in 2024. China is currently facing a 20% tariff related to the US fentanyl crisis, a 10% reciprocal tariff, and 25% duties on most industrial goods imposed during Trump's first term. Bessent has also said he would discuss with He the need for China to rebalance its economy away from exports toward domestic consumer demand. The shift would require China to put an end to a protracted property crisis and boost social safety nets to encourage household spending. Michael Froman, a former US trade representative during Barack Obama's administration, said such a shift has been a goal of US policymakers for two decades. 'Can we effectively use tariffs to get China to fundamentally change their economic strategy? That remains to be seen,' said Froman, now president of the Council on Foreign Relations think-tank. Reuters
Khaleej Times
17 hours ago
- Khaleej Times
Pakistan says it's close to US trade deal, Washington gives no timeline
Pakistani Foreign Minister Ishaq Dar said on Friday the United States and Pakistan were "very close" to a trade deal that could come within days, but comments from the U.S. after Dar met with Secretary of State Marco Rubio mentioned no timeline. "I think we are very close to finalizing a deal with U.S. Our teams have been here in Washington, discussing, having virtual meetings and a committee has been tasked by the prime minister to fine-tune now," Dar said in a discussion at the Atlantic Council think tank in Washington. "It's not going to be months, not even weeks, I would say (just) days," he said. Under U.S. President Donald Trump, Washington has attempted to renegotiate trade agreements with many countries that he threatened with tariffs over what he calls unfair trade relations. Many economists dispute Trump's characterization. The U.S. State Department and Pakistan's foreign ministry, in separate statements after Rubio's meeting with Dar, said the two stressed in their discussion the importance of expanding trade and ties in critical minerals and mining. A post by Rubio on X after the meeting and the State Department's statement mentioned no timeline for finalizing a trade deal. The Pakistan foreign ministry also said Dar "appreciated the pivotal role" by Trump and Rubio "in de-escalating tensions between Pakistan and India by facilitating a ceasefire." The State Department statement did not mention India. Trump has repeatedly taken credit for the India-Pakistan ceasefire he announced on social media on May 10 after Washington held talks with both sides. India disputes Trump's claims that the ceasefire resulted from his intervention and trade threats. India's position is that New Delhi and Islamabad must resolve problems directly with no outside involvement. An April 22 militant attack in India-administered Kashmir killed 26 men and sparked heavy fighting between the nuclear-armed Asian neighbors in the latest escalation of a decades-old rivalry. India struck Pakistan on May 7 and the two nations exchanged hostilities, killing dozens across three days. The ceasefire was declared on May 10. New Delhi blamed the April attack on Pakistan, which denied responsibility and called for a neutral investigation. Washington condemned the attack but did not blame Islamabad.
Gulf Today
17 hours ago
- Gulf Today
GCC-Stat: GCC countries record $587.8 billion in nominal GDP by end of Q4 2024
The latest data released by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf ('GCC-Stat') revealed that the nominal Gross Domestic Product (GDP) of the Gulf Cooperation Council (GCC) countries reached US$587.8 billion by the end of the fourth quarter of 2024, up from US$579 billion at the end of the fourth quarter of 2023, reflecting a growth rate of 1.5%. The data indicated that the contribution of non-oil activities to the GCC's nominal GDP reached 77.9% by the end of the fourth quarter of 2024, compared to 22.1% from oil activities. The manufacturing sector contributed 12.5% to the GDP, while wholesale and retail trade accounted for 9.9%. The contribution of the construction sector reached 8.3%, while public administration and defence logged 7.5%, finance and insurance 7%, and real estate activities 5.7%. Meanwhile, other non-oil activities contributed 27%. WAM
