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Video Archives
November 29, 2024
ADNOC launches XRG, its $80bln low-carbon energy and chemicals investment company
The UAE energy giant Abu Dhabi National Oil Co. (ADNOC) has rolled out a new lower-carbon energy and chemicals investment company XRG, with an enterprise value of over $80 billion. XRG is expected to more than double its asset value over the next decade by capitalising on the demand for clean energy.
The long-term foreign-currency issuer default rating (IDR) with a stable outlook mainly benefits from the UAE capital’s substantial sovereign net foreign assets, which were estimated to be 157% of the country’s gross domestic product (GDP) last year.
“The UAE’s economy is set to maintain its strong growth momentum, driven by rising oil output and robust activity in the non-oil sector, which is being supported by a loose fiscal stance” James Swanston, MENA economist at Capital Economics.
In this video, Zawya’s Farah Heiba dives deep into the financial world of clean energy, unpacking the challenges banks face when it comes to green investments.
