Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, has led a meeting of the executive committee of Adnoc's board as the company seeks international expansion through new deals.
During the meeting, he reviewed Adnoc’s financial performance, the diversification of its revenue streams, the use of artificial intelligence and the execution of domestic growth projects, Abu Dhabi Media Office reported on Monday.
Sheikh Khaled also underlined the importance of Adnoc’s international expansion through its global energy investment arm, XRG. This will help the company remain “resilient and competitive, reinforcing its position to generate and maximise long-term value in a rapidly evolving global energy landscape”, the report said.
XRG was launched last year as a global lower-carbon energy and chemicals investment company, with an enterprise value exceeding $80 billion. The company plans to double its asset value over the next decade, capitalising on energy transition, AI advances and the rise of emerging economies.
Its chemicals platform aims to be among the top-five global players, producing and delivering chemical and speciality products to meet a projected 70 per cent increase in global demand by 2050, Adnoc said last year.
In July, Adnoc said it planned to transfer its 24.9 per cent stake in Austrian energy company OMV to XRG, as the Abu Dhabi company seeks to consolidate its global investments under the unit. XRG has this year also closed several international deals, including Arcius Energy, its joint venture with BP for upstream gas in Egypt, its stake in the Absheron gas and condensate field in Azerbaijan, and its participation in Offshore Block 1 in Turkmenistan.
Adnoc is also building new revenue streams, expanding trading activities and exploring digital asset opportunities as it continues to maximise value from oil and gas production.
It has expanded its global trading footprint, recently opening a trading office in Geneva, Switzerland.
Sheikh Khaled noted that, in the five years since Adnoc’s trading businesses were launched, they have created “significant value for the country" and strengthened the role of the UAE and Abu Dhabi as global trading hubs. He also said Adnoc has enhanced the skills of UAE citizens in international commodity trading.
Sheikh Khaled gave directives to boost the use of AI to optimise trading operations, enhance operational efficiency and competitiveness and future-proof the company.
Adnoc’s acceleration of unconventional gas development in Abu Dhabi, including across the Ruwais Diyab field, and its ongoing de-risking of the emirate’s vast unconventional resources were also reviewed during the meeting.
Sheikh Khaled directed Adnoc to expand its work with international partners to unlock value from Abu Dhabi’s hydrocarbon resources in support of gas self-sufficiency and helping to meet growing global energy demand.
This year marks 75 years since Abu Dhabi first started oil and gas exploration with the drilling of a well at Ras Al Sadr. The milestone laid the foundation for the UAE capital to diversify its economy and Adnoc continues to harness the nation’s oil and gas resources responsibly to create lasting value, Sheikh Khaled noted.
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
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A list of the animal rescue organisations in the UAE
