UAE Appoints Bernard Looney and Nassef Sawiris to XRG Board, Names Sultan Ahmed Al Jaber CEO, Plans $80 Billion Investment

Dec 12, 2024, 08:18 AM

The United Arab Emirates (UAE) has appointed Bernard Looney, the former CEO of BP, and Nassef Sawiris to the board of directors for XRG, a new energy investment vehicle established by the Abu Dhabi National Oil Company (ADNOC). Sultan Ahmed Al Jaber has been named the CEO of XRG. The initiative is expected to involve significant investments, totaling $80 billion, in global energy projects. This move reflects the UAE's strategy to enhance its energy sector and attract international investments. The appointment of Looney, who was previously dismissed from BP for misleading the board, raises questions about corporate governance within ADNOC.