ADNOC, the UAE's oil company, boosts US investment and says AI is a once in a lifetime opportunity to invest.
ADNOC Chief Sultan al-Jaber stated on Tuesday that the state oil company in the United Arab Emirates aims to increase its U.S. investments by six-fold, to $440 billion over the next ten years.
Jaber, speaking at an event in Washington, told the audience that AI was a rare investment opportunity.
Jaber cited the UAE's recent anchor investments in the largest liquefied gas plant in Texas and in petrochemicals across the U.S., as well as a planned addition 5.5 gigawatts in renewable energy and storage from coast to coast.
He said that Masdar, the UAE's renewable energy company, and its investment arm XRG had just opened a Washington office. He called investing in the U.S. a "investment necessity."
Last month, as part of President Donald Trump's trip to Abu Dhabi the U.S. unveiled an artificial intelligence campus that would include a cluster powerful data centers.
When senior UAE officials met Trump in March, they had agreed to invest $1.4 trillion over 10 years in the U.S., in areas such as energy, artificial intelligence and manufacturing, to strengthen reciprocal relations.
Jaber stated at the Washington event, that both countries should develop a "coordinated road map" for AI development.
Mariam Almheiri is the chairperson of the UAE International Affairs Office and CEO of 2PointZero. A UAE investment platform. She said that a partnership with the U.S. in the AI supply chain was essential.
She said, "The idea of scale is so important. Time is not on our sides." (Reporting and editing by Emelia Sithole Matarise, Chizu nomiyama, and David Gregorio; Reporting and Editing by Valerie Volcovici & Maha El Dahan)
(source: Reuters)
