Big Tech will share the stage with Big Oil at this year’s Abu Dhabi International Petroleum Exhibition and Conference (Adipec) as artificial intelligence finds more uses within the energy industry.
Senior executives from legacy oil companies such as BP, Chevron, ExxonMobil and TotalEnergies as well as state oil businesses like Adnoc will continue to lead the event, which will include Microsoft’s president Brad Smith on the opening day. Microsoft is increasing its regional presence and has signed multibillion dollar deals with the UAE in recent years, including committing $1.5 billion in investments in Abu Dhabi AI business G42 last year.
Microsoft is also involved in the UAE’s energy industry through a 2024 deal with Adnoc and Masdar to collaborate on carbon capture, hydrogen and ammonia projects.
AI has become increasingly important in the regional energy industry. One in five energy companies now uses agentic AI, which independently makes decisions for them, according to a recent Microsoft-Adnoc report.
About 88 per cent of executives believe AI has a positive effect on energy and their industry and the relationship is now “symbiotic”, the report found.
Adnoc, Masdar and XRG also gathered 100 global leaders from the energy, technology, investment and government sectors on Sunday at the Enact Majlis in Abu Dhabi to discuss the intersection of AI, energy and investment.
The majlis, hosted by Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and Adnoc's managing director and group chief executive, focused on meeting energy demand growth in evolving market dynamics and building infrastructure at scale and pace.
“Energy and AI are the twin engines that have the potential to turbocharge socioeconomic growth, but energy intensive data centres are competing for energy alongside multiple demand drivers in an increasingly complex world,” said Dr Al Jaber, who is also chairman of Masdar and executive chairman of XRG.
“The sheer scale of the demand requires investment, at scale, today, because the future won’t wait for us to catch up. And if we are going to meet the needs of data centres, along with everything else, we are going to need energy, tech and investment sectors working together with governments.”
At the four-day Adipec event from November 3 to 6 at the Abu Dhabi National Exhibition Centre, apart from AI, discussions will also focus on the future of energy, sustainability as well as geopolitics.
Gulf energy ministers from the UAE and Qatar will open discussions on Monday joined by counterparts from Egypt and the US’s Energy Dominance Council chairman Doug Burgum.
The US delegation will also include Deputy Energy Secretary James Danly and former assistant secretary of state for energy resources Amos Hochstein, who is now managing partner at New York holding company TWG Global.
Adipec will also feature ministers from predominantly oil-importing countries of the Middle East such as Lebanon and Jordan. Beirut is looking to kick-start its much-delayed offshore oil and gas licensing programme, which has stalled as investors backed from the country's political stalemate and impact from the Israeli-Gaza war.
Other players in the oil industry who have become recent mainstays at Adipec will also feature on the agenda, including PetroChina, Petronas and India’s ONGC, among others. Indian refiners including Hindustan Petroleum Corporation, who have been most affected by the US sanctions on Russian oil firms Rosneft and Lukoil, will also attend Adipec this year.
The conference takes place in a period of extended volatility in oil markets this year, a result of geopolitical tensions in the Middle East and tariffs announced by US President Donald Trump.
Oil producers' group Opec+ will also meet on Sunday, where it is expected to increase output by 137,000 barrels a day in December as part of an ongoing plan to unwind production curbs.
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
MATCH INFO
Liverpool 0
Stoke City 0
Man of the Match: Erik Pieters (Stoke)
UAE currency: the story behind the money in your pockets
The specs
Engine: 2.0-litre four-cylinder turbo
Power: 268hp at 5,600rpm
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Section 375
Cast: Akshaye Khanna, Richa Chadha, Meera Chopra & Rahul Bhat
Director: Ajay Bahl
Producers: Kumar Mangat Pathak, Abhishek Pathak & SCIPL
Rating: 3.5/5
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
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BMW M5 specs
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
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Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
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Sector: HealthTech / MedTech
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Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
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In The Heights
Directed by: Jon M. Chu
Stars: Anthony Ramos, Lin-Manual Miranda
Rating: ****
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
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Infiniti QX80 specs
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
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(Columbia Records)
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
