The United States and the United Arab Emirates (UAE) expect to invest a total of $440 billion in the energy sector through 2035, Sultan Al Jaber, the chief executive of the UAE’s state oil and gas firm ADNOC, said on Friday.
The United States is expected to invest $60 billion in energy projects in the UAE, while the Gulf oil-producing nation will invest in energy and technology in the United States.
During his visit to the Middle East this week, U.S. President Donald Trump announced deals with the UAE worth more than $200 billion in total.
The U.S. and the UAE also pledged to deepen cooperation in AI.
On Thursday, President Trump and UAE President, Sheikh Mohamed bin Zayed Al Nahyan, attended the unveiling of a 5-GW UAE-US AI Campus in Abu Dhabi, the U.S. Department of Commerce said.
The campus will include 5 GW of capacity for AI data centers in Abu Dhabi, providing a regional platform from which U.S. hyperscale’s will be able to offer latency-friendly services to nearly half of the global population living within 3,200 km (2,000 miles) of the UAE, the Commerce Department said.
The UAE pledged earlier this year a 10-year, $1.4 trillion investment framework in the United States.
In the energy sector, ADNOC has moved some of its natural gas and green energy assets in the United States into its newly-created energy investment arm, XRG.
“Under the XRG umbrella, we are partnering with Exxon in the world’s biggest ammonia and hydrogen production facility in Texas; we are investing with NextDecade in the state’s largest liquefied natural gas facility; and through our acquisition of Covestro, we are supporting thousands of highly skilled US jobs in high-performance plastics and advanced polymers,” said ADNOC’s Al Jaber, who is also the UAE’s minister of industry and advanced technology.
President Trump’s visit to the U.S. Gulf allies this week has led to the signing of major energy deals and technology agreements with Saudi Arabia and Qatar.
Source: Oilprice.com
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