The UAE views the US as a major business partner in energy and technology, and investing in the world's largest economy is an “absolute imperative”, Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, said on Tuesday.
Countries with access to energy and infrastructure have a clear advantage over others, Dr Al Jaber, who is also Adnoc's managing director and group chief executive, said in a keynote address at the CeraWeek by S&P Global annual conference in Houston, Texas.
“This is where we see huge opportunities for the UAE to further invest and deepen partnerships with the US across multiple sectors, including the energy-AI nexus,” he said. “It is also where XRG, our newly launched transformational international energy investment company, can play a critical role.”
XRG was launched on November 27 as an international lower-carbon energy and chemicals investment company, with an enterprise value exceeding $80 billion. It will focus on addressing megatrends, including the exponential growth of artificial intelligence, the transformation of global energy systems, and the rising energy demands of emerging economies.
Adnoc moved its US investments to XRG in February. Among those investments is a 35 per cent stake in an ExxonMobil hydrogen plant in Baytown, a city roughly 42km east of Houston. It also bought an 11.7 per cent equity stake in the NextDecade Rio Grande LNG export facility and entered a supply agreement in May 2024.
Following US President Donald Trump's election victory, Dubai-based Damac also announced a $20 billion investment in American data centres. Meanwhile, UAE-based technology fund MGX joined Big Tech companies in the recent Stargate project, an AI joint venture to be located in Texas, as an initial equity funder.
Highlighting the massive amounts of electricity needed to power data centres, Dr Al Jaber said AI cannot be scaled without energy. The minister said power demand for data centres in the US will likely triple by 2030. “The race for AI supremacy is essentially an energy play,” he said.
In his speech, Dr Al Jaber also called for “pro-growth, pro-investment, pro-energy and pro-people” policies to help drive global growth.
“The world is finally waking up to the fact that energy is the solution. Energy is the beating heart of economies. It is the spinal cord of society,” he said. “The time has come for us to make energy great again,” he said.
Dr Al Jaber, the Cop28 president, also celebrated the 2023 climate summit for bringing “energy realism” when discussing climate.
The Cop28 summit delivered the historic UAE Consensus that called for the international community to turn away from fossil fuels to achieve net-zero by 2050. It also established targets to increase the world's renewable energy capacity.
“The UAE Consensus succeeded because it brought everyone to the table, and it resulted in a practical approach that followed market realities more than unrealistic mandates,” Dr Al Jaber said.
Looking ahead, more liquefied natural gas, nuclear, low-carbon intensity oil and commercially viable sources of renewable energy are needed to meet the growing demand for electricity.
“And that is exactly the approach we have adopted in the United Arab Emirates,” said Dr Al Jaber, highlighting the country's energy diversification efforts – including the addition of nuclear power.
During the CeraWeek event, Dr Al Jaber also met the heads of key global energy companies, discussing opportunities and the use of artificial intelligence to transform how energy is produced, distributed and optimised.
In meetings with US energy company heads, including Mike Wirth, chairman and chief executive of Chevron and ExxonMobil chief executive Darren Woods, they spoke about opportunities for closer UAE-US collaboration to deliver energy diversity. He met former US energy secretary Dan Brouillette and International Energy Agency executive director Fatih Birol on Monday.
He also met Patrick Pouyanne, chief executive of TotalEnergies, Tengku Taufik, chief executive of Malaysia’s Petronas, and Askhat Khassenov, chief executive of Kazakhstan’s KazMunayGaz.
Dr Al Jaber met Murray Auchincloss, chief executive of BP, and discussed the importance of “pursuing pragmatic, pro-investment policies”. In his meeting with Wael Sawan, chief executive of Shell, they discussed their partnership in the Ruwais LNG project, set to be one of the lowest-carbon intensity LNG plants in the world.
The minister also held meetings with BlackRock’s chief executive Larry Fink and Marcel van Poecke, chairman of Carlyle Group, discussing capital deployment in the energy sector.
The biog
Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
TEST SQUADS
Bangladesh: Mushfiqur Rahim (captain), Tamim Iqbal, Soumya Sarkar, Imrul Kayes, Liton Das, Shakib Al Hasan, Mominul Haque, Nasir Hossain, Sabbir Rahman, Mehedi Hasan, Shafiul Islam, Taijul Islam, Mustafizur Rahman and Taskin Ahmed.
Australia: Steve Smith (captain), David Warner, Ashton Agar, Hilton Cartwright, Pat Cummins, Peter Handscomb, Matthew Wade, Josh Hazlewood, Usman Khawaja, Nathan Lyon, Glenn Maxwell, Matt Renshaw, Mitchell Swepson and Jackson Bird.
Dunki
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Switching%20sides
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Essentials
The flights
Emirates flies direct from Dubai to Seattle from Dh6,755 return in economy and Dh24,775 in business class.
The cruise
UnCruise Adventures offers a variety of small-ship cruises in Alaska and around the world. A 14-day Alaska’s Inside Passage and San Juans Cruise from Seattle to Juneau or reverse costs from $4,695 (Dh17,246), including accommodation, food and most activities. Trips in 2019 start in April and run until September.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
500 People from Gaza enter France
115 Special programme for artists
25 Evacuation of injured and sick
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
MATCH INFO
Euro 2020 qualifier
Fixture: Liechtenstein v Italy, Tuesday, 10.45pm (UAE)
TV: Match is shown on BeIN Sports
MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
Leap of Faith
Michael J Mazarr
Public Affairs
Dh67
