In a dynamic gathering of energy industry titans, policymakers, and investors, Dr. Sultan Ahmed Al Jaber, the UAE’s minister of Industry and Advanced Technology and managing director of ADNOC, shared insights on fostering growth through pragmatic strategies.
During his keynote at the 41st annual ADIPEC in Abu Dhabi, Dr. Al Jaber underscored the significance of realistic policy-making and partnerships that drive economic advancement. With His Highness Sheikh Mansour bin Zayed Al Nahyan in attendance, Dr. Al Jaber highlighted the UAE’s strategy as a benchmark for credibility and technological innovation that attracts global capital.
AI and Operational Excellence
Dr. Al Jaber stressed the importance of pragmatic policies, stating, “Regulation without realism and legislation without logic will only weaken economies, stunt societies, and drive capital away.” He illustrated ADNOC’s achievements in leveraging technology such as AI and robotics to enhance operational efficiency, citing the integration of AI applications through the company AIQ, which have significantly reduced unplanned shutdowns and improved performance.
“Our flagship program, Energy to the Power of AI, will enhance production forecasts by 90 percent. We are laser-focused on becoming the most AI-native energy company, ushering in a new era of intelligence-powered optimization and efficiency,” he added.
Balancing Costs with Growth
Amidst geopolitical tensions affecting markets, Dr. Al Jaber advised the industry to focus on essentials: “tune out the noise, track the signal.” He acknowledged the robust long-term demand for energy and advocated for disciplined capital investment in technology and human resources. According to Dr. Al Jaber, approximately $4 trillion in annual investments are necessary to meet future needs for energy infrastructure and growth.
He pointed out the evolving energy demands, such as the anticipated doubling of global airline fleets and a fourfold increase in power for data centers by 2040. Dr. Al Jaber discussed the necessity for substantial capital investments and policy frameworks to direct funds effectively.
The Energy-Economy Nexus
Dr. Al Jaber emphasized the intrinsic link between energy and economic growth, stating, “Energy equals jobs; energy equals growth; energy equals competitiveness; and energy equals intelligence.” He noted the discussions at the ENACT Majlis, which focused on the synergistic potential of energy and AI to boost economies.
Highlighting ADNOC’s global endeavors, he mentioned the company’s international investments in gas agreements and infrastructure across various countries, including Mozambique and the United States. He reiterated the UAE’s commitment to fostering solid, value-driven partnerships.
Collaboration as a Catalyst for Progress
Dr. Al Jaber concluded with a call for united efforts and resilience. “Real progress is never the work of one individual or a single company. It occurs when we move with purpose, all pull in the same direction, and recognize that the most powerful resource we possess is not found in the ground; it is the resilience that binds us and the determination that propels us,” he stated.
The ADIPEC event, hosted by ADNOC and held under the patronage of His Highness Sheikh Mohamed Bin Zayed Al Nahyan, continues to serve as a pivotal platform for the energy sector to explore innovative strategies for a sustainable future.
Original Story at economymiddleeast.com