Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and Adnoc's managing director and group chief executive, has been ranked first on the list of the top 40 global leaders in the chemicals sector for 2026 compiled by the Independent Commodity Intelligence Services Group.
ICIS said the Top 40 Power Players list highlights the chief executives and senior leaders who are “delivering the greatest positive impact within their companies and across the global chemicals industry”.
Dr Al Jaber, who is also the executive chairman of XRG, was in September named last year's ICIS CEO of the Year.
“Dr Sultan Al Jaber is making moves that will transform the global chemical industry with the creation of Borouge Group International (BGI) and the acquisition of polyurethanes producer Covestro,” said Joseph Chang, global editor of ICIS Chemical Business.
“The upcoming merger between Abu Dhabi-based Borouge, Austria-based Borealis and Canada-based Nova Chemicals to create Borouge Group International will launch a powerhouse in global polyolefins.”
Adnoc’s international investment arm XRG was launched in 2024 as an international lower-carbon energy and chemicals investment company, with an enterprise value exceeding $80 billion.
The company has been actively increasing its operations globally and plans to double its asset value over the next decade, capitalising on the energy transition, artificial intelligence and the rise of emerging economies.
In December, XRG secured a 95.1 per cent stake in German chemicals company Covestro after Adnoc submitted a €14.7 billion ($17 billion) takeover proposal in October 2024.
XRG is also progressing in the proposed establishment of BGI, as it aims to become a top three global chemicals provider.
Adnoc and Austrian company OMV agreed on terms last year to merge their polyolefins business and create a $60 billion global company. The joint venture company, Borouge Group International, would combine Adnoc’s Borouge with OMV’s Borealis unit. Once complete, Adnoc's entire stake in BGI will be transferred to and held by XRG.
With 70 per cent growth projected in worldwide chemical demand by 2050, the Covestro and BGI transactions will “solidify Abu Dhabi’s status as a leader in the global chemicals sector”, ICIS said.
The ICIS Top 40 Power Players list is selected by its editorial team, based on areas, including projects, profitability and shareholder value creation, mergers and acquisitions and portfolio management, support for innovation, and the implementation of best practices in environmental, social, and governance (ESG) standards.
