UAE state energy company Adnoc's plan for $150 billion in capital expenditure over the next five years is a “big commitment” and its focus on gas is a safe play for the short and long term, say analysts.
Adnoc on Monday said its board has approved the capex for the 2026-2030 period to maintain growth and operational processes.
Adnoc's spending trajectory is "considerably higher than that of most national oil firms outside the Gulf and roughly comparable to major international oil companies like ExxonMobil", said Vijay Valecha, chief investment officer at Century Financial.
Adnoc's investment amounts to roughly $30 billion per year, while global energy companies like ExxonMobil and Shell would invest about $20–$25 billion per year in total capex, though split between oil, gas and low-carbon ventures, said Ipek Ozkardeskaya, a senior analyst at Swissquote Bank.
Adnoc's $150 billion investment is a “big, big commitment and very much in line with global energy trends”, she said.
Adnoc said the UAE’s conventional reserves base has increased from 113 billion stock tank barrels (stb) of oil to 120 billion stb and from 290 trillion standard cubic feet (tscf) of natural gas to 297 tscf. The UAE has the world’s sixth-largest oil reserves and the seventh-largest gas reserves.
The company's board, which held its annual meeting at the Habshan gas processing facility, also approved the establishment of Adnoc Ghasha, a new operating company for the Ghasha concession which includes the Hail, Ghasha, Dalma, SARB and Nasr fields.
The concession is set to produce 1.8 billion scf of gas and 150,000 barrels per day of oil and condensates. Construction of the Hail and Ghasha project is progressing at pace, Wam reported.
Growing demand for gas
Demand for gas is growing globally, with the Middle East, which has 40 per cent of the world’s gas resources, experiencing the highest growth in output of any region, consultancy Wood Mackenzie said in a recent report.
It expects natural gas production across the Middle East to more than double to 98 billion cubic feet per day by 2030, from about 45 bcfd in 2010.
“This means the region will account for 23 per cent of global sales [of] gas by 2030, second only to North America, at 32 per cent. Production will flow from conventional onshore and offshore gasfields, as well as unconventional and sour gas resources,” the report found.
Ms Ozkardeskaya said that gas is "seen as a transition fuel that could help economies shift away from coal while supporting renewables”.
“The UAE wants to position itself as a key global gas supplier, especially in LNG [liquefied natural gas] markets,” she said.
The move towards gas comes as the US moves away from renewable energy sources under President Donald Trump's administration.
“The U-turn from the White House in favour of traditional energies has shifted the 'Big Oil' companies' focus back to cash-making fossil fuel sources,” Ms Ozkardeskaya said.
“As such, we expect the clean energy projects to lose support during the Trump administration. In this context, gas remains a safe play because it’s politically and commercially viable as a bridging fuel.”
LNG exports, domestic gas-to-power projects and petrochemicals are all growth areas.
“Gas also helps traditional energy companies to build a dual strategy: maintain cash flow from oil and gas while positioning for energy transition. So yes, the political and geopolitical set-up makes gas a safe focus for traditional companies, both in the short, medium and long term, and both in the context of traditional and cleaner energy,” she added.
Tech and new discoveries
Adnoc also said it has made new oil and gas discoveries totalling more than 1.2 billion barrels of oil equivalent. The discoveries were enabled by technology including a 3D seismic survey and artificial intelligence-powered data interpretation that “unlocked previously inaccessible structures and formations”, Wam reported.
New technology will enhance further discoveries by making the identification of reserves easier and faster, and by making production more efficient and cost-effective, Ms Ozkardeskaya said.
Advanced technology will lead to reduced drilling costs and increased recovery rates for existing sites, she added.
Mr Valecha agreed that the new technology will continue to support the discovery of many more untapped oil and gas resources in the region. "The technology provides high accuracy and fast exploration cycles, improving the efficiency of operations for the company," he said.
Changing visa rules
For decades the UAE has granted two and three year visas to foreign workers, tied to their current employer. Now that's changing.
Last year, the UAE cabinet also approved providing 10-year visas to foreigners with investments in the UAE of at least Dh10 million, if non-real estate assets account for at least 60 per cent of the total. Investors can bring their spouses and children into the country.
It also approved five-year residency to owners of UAE real estate worth at least 5 million dirhams.
The government also said that leading academics, medical doctors, scientists, engineers and star students would be eligible for similar long-term visas, without the need for financial investments in the country.
The first batch - 20 finalists for the Mohammed bin Rashid Medal for Scientific Distinction.- were awarded in January and more are expected to follow.
Awar Qalb
Director: Jamal Salem
Starring: Abdulla Zaid, Joma Ali, Neven Madi and Khadija Sleiman
Two stars
Not Dark Yet
Shelby Lynne and Allison Moorer
Four stars
The specs
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Power: 640hp at 8,000rpm
Torque: 565Nm at 6,500rpm
Transmission: 7-speed dual-clutch auto
Price: From Dh1 million
On sale: Q3 or Q4 2022
How to apply for a drone permit
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What are the regulations?
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
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Dust and sand storms compared
Sand storm
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Dust storm
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- Source: Can be carried from distant regions
About Okadoc
Date started: Okadoc, 2018
Founder/CEO: Fodhil Benturquia
Based: Dubai, UAE
Sector: Healthcare
Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth
Funding stage: Series B fundraising round to conclude in February
Investors: Undisclosed
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
The specs: 2018 Volkswagen Teramont
Price, base / as tested Dh137,000 / Dh189,950
Engine 3.6-litre V6
Gearbox Eight-speed automatic
Power 280hp @ 6,200rpm
Torque 360Nm @ 2,750rpm
Fuel economy, combined 11.7L / 100km
RESULTS
5pm Maiden (PA) Dh80,000 (Turf) 1,600m
Winner Thabet Al Reef, Bernardo Pinheiro (jockey), Abdallah Al Hammadi (trainer)
5.30pm Handicap (PA) Dh80,000 (T) 1,600m
Winner Blue Diamond, Pat Cosgrave, Abdallah Al Hammadi
6pm Arabian Triple Crown Round-1 Listed (PA) Dh230,000 (T) 1,600m
Winner Hameem, Adrie de Vries, Abdallah Al Hammadi
6.30pm Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,400m
Winner Shoja’A Muscat, Szczepan Mazur, Ibrahim Al Hadhrami
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Winner Heros De Lagarde, Szczepan Mazur, Ibrahim Al Hadhrami
7.30pm Handicap (TB) Dh100,000 (T) 2,400m
Winner Good Tidings, Antonio Fresu, Musabah Al Muhairi
The specs: Fenyr SuperSport
Price, base: Dh5.1 million
Engine: 3.8-litre twin-turbo flat-six
Transmission: Seven-speed automatic
Power: 800hp @ 7,100pm
Torque: 980Nm @ 4,000rpm
Fuel economy, combined: 13.5L / 100km
THE SPECS
Jaguar F-Pace SVR
Engine: 5-litre supercharged V8
Transmission: 8-speed automatic
Power: 542bhp
Torque: 680Nm
Price: Dh465,071
Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ETuhoon%0D%3Cbr%3E%3Cstrong%3EYear%20started%3A%20%3C%2Fstrong%3EJune%202021%0D%3Cbr%3E%3Cstrong%3ECo-founders%3A%20%3C%2Fstrong%3EFares%20Ghandour%2C%20Dr%20Naif%20Almutawa%2C%20Aymane%20Sennoussi%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ERiyadh%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3Ehealth%20care%0D%3Cbr%3E%3Cstrong%3ESize%3A%20%3C%2Fstrong%3E15%20employees%2C%20%24250%2C000%20in%20revenue%0D%3Cbr%3EI%3Cstrong%3Envestment%20stage%3A%20s%3C%2Fstrong%3Eeed%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EWamda%20Capital%2C%20Nuwa%20Capital%2C%20angel%20investors%3C%2Fp%3E%0A
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
The%20specs
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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
