Abu Dhabi National Oil Company (Adnoc) on Monday said that its board has approved capital investments of Dh551 billion ($150 billion) for the 2026-2030 period to maintain the company's growth and operational process.
President Sheikh Mohamed chaired the company's annual meeting at the Habshan complex, one of the world’s largest gas processing facilities, state news agency Wam reported. Operated by Adnoc Gas, the complex meets 60 per cent of the UAE’s natural gas needs.
The board welcomed Adnoc's achievement in increasing the oil reserves by 7 billion barrels to reach 120 billion barrels, while also increasing its gas reserves by 7 trillion standard cubic feet to reach 297 trillion standard cubic feet, Wam reported.
The board also approved the establishment of a new company called Adnoc Ghasha, which will be the new operating company for the Ghasha sour gas project. It is expected to produce 1.8 billion standard cubic feet per day of gas, as well as 150,000 barrels per day of oil and condensates. The Ghasha sour gas concession includes the Hail, Ghasha, Dalma, Sarb and Nasr fields.
Sheikh Mohamed underlined Adnoc's continued role as a catalyst for the UAE’s growth and diversification. He recognised the company for creating new economic and industrial opportunities for the private sector through its in-country value (ICV) programme and for its support of the “Make it in the Emirates” initiative.
Sheikh Mohamed also called on Adnoc to convert its success into a strategic advantage to reinforce the UAE's position as a leader in technology-driven energy, Wam reported.
Adnoc's ICV programme has driven Dh65 billion ($17.7 billion) back into the UAE economy this year, bringing the total value brought back into the country's economy to Dh307 billion ($83.7 billion) since the programme's launch in 2018, Adnoc said. The company also said 23,000 Emiratis have been employed in the private sector through its inception.
The board also endorsed Adnoc's aim to bring Dh220 billion ($60 billion) into the UAE economy over the next five years through its ICV Programme.
The board also recognised XRG, Adnoc's international energy investment arm, for boosting its enterprise value from Dh290 billion ($80 billion) to Dh554 billion ($150.9 billion) since its launch last November. The boost in XRG's growth has helped to position Abu Dhabi as one of the largest international energy investors, the Adnoc board said.
XRG's international investments include an 11.7 per cent stake in the Rio Grande liquefied natural gas project in Texas and a 35 per cent stake in an ExxonMobil hydrogen plant, also located in Texas.
Dr Sultan Al Jaber, Adnoc's managing director and group chief executive, said the company's success this year is testament to Adnoc focusing on leveraging its advanced technologies and artificial intelligence to future-proof the company's business.
“We will continue to transform how we create value at speed and scale, driving a new era of intelligence-powered performance, operating at the intersection of AI and energy, to deliver growth for the UAE,” said Dr Al Jaber, who is also Minister of Industry and Advanced Technology.
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How the UAE gratuity payment is calculated now
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
The specs
Engine: 3.8-litre twin-turbo flat-six
Power: 650hp at 6,750rpm
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Transmission: 8-speed dual-clutch auto
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On sale: now
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.”
The specs: 2018 Mercedes-Benz E 300 Cabriolet
Price, base / as tested: Dh275,250 / Dh328,465
Engine: 2.0-litre four-cylinder
Power: 245hp @ 5,500rpm
Torque: 370Nm @ 1,300rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.0L / 100km
So what is Spicy Chickenjoy?
Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
'How To Build A Boat'
Jonathan Gornall, Simon & Schuster
