The United States and the United Arab Emirates plan to spend $440 billion on energy over the next 10 years, said Sultan al-Jaber from the UAE oil company ADNOC on Friday.
During his tour of Gulf countries, which focused on major business deals, U.S. President Donald Trump announced that the U.S. had made over $200 billion worth of deals with the UAE.
The White House said on Friday that the plan will significantly increase the UAE’s current investments in the U.S. economy, especially in areas like AI infrastructure, semiconductors, energy, and manufacturing.
During Trump’s visit to the Gulf this week, a panel at the UAE-U.S. economic talks said that the United States is expected to invest $60 billion in energy projects in the UAE.
XRG, the global investment branch of ADNOC, is looking to make a major investment in U.S. natural gas.
ADNOC’s shares in NextDecade’s Rio Grande LNG export facility and a planned ExxonMobil hydrogen plant in Texas have been moved to XRG.
XRG was created last year and manages $80 billion in assets. Its job is to look for global investment deals in chemicals, natural gas, and renewable energy.
Mubadala Energy, part of Abu Dhabi’s second-largest government-owned investment fund, signed a deal last month with U.S. company Kimmeridge. The deal will give Mubadala stakes in U.S. gas assets.
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