Adnoc, Abu Dhabi’s state-owned energy company, aims to distribute Dh158 billion ($43 billion) in dividends across its six publicly listed companies by the end of this decade, as its units continue to create reliable long-term value.
The distribution of dividends, subject to approvals, is in addition to the Dh86 billion the company has already paid since the energy giant floated shares of its first company on the Abu Dhabi Securities Exchange in 2017, Adnoc said on Wednesday.
This dividend target reaffirms the company's commitment to delivering long-term value, reducing costs and accelerating growth, said Dr Sultan Al Jaber, Adnoc's managing director and group chief executive.
“Adnoc is providing opportunities for citizens, residents and partners to create and enhance value that contributes to the growth of the national economy,” said Dr Al Jaber, who is also Minister of Industry and Advanced Technology.
“Our target to distribute Dh158 billion in dividends is a landmark step that gives investors and shareholders clear visibility of dividend distributions through 2030.”
Adnoc made the announcement after its inaugural Investor Majlis in Abu Dhabi, which was attended by 500 key stakeholders. The majlis provided shareholders an opportunity to directly engage with the senior leadership across Adnoc and its listed companies.
Adnoc on Wednesday also said that Adnoc Distribution, Adnoc Gas and Adnoc Logistics and Services will join in Adnoc Drilling in distributing dividends on a quarterly basis.
Its six subsidiaries make up about 40 per cent of the annual dividends paid on the ADX.
Growth drivers
In September, Adnoc said it is transferring its equity stakes in listed companies to its international investment unit XRG, with the move not affecting operations, teams or the strategic direction of the entities.
Adnoc said it continues to "retain control and ultimate ownership of the listed companies through its 100 per cent shareholding of XRG” and reaffirmed its commitment to long-term value creation and capital discipline, it said in a statement at the time.
Adnoc is the largest hydrocarbons producer in the UAE and this year marks 75 years since it first started oil and gas exploration with the drilling of a well at Ras Al Sadr.
That milestone laid the foundation for the UAE capital to diversify its economy. The company has been at the forefront of the emirate's growth for more than seven decades and has harnessed the nation’s oil and gas resources responsibly to create lasting value.
Adnoc's listed entities are at the forefront of growth and are vital for Adnoc to achieve targets of boosting upstream capacity, unlocking conventional resources, more than doubling domestic chemicals and LNG capacity as well as raising its gas processing capacity by 30 per cent, the company said.
Strategic announcements
The listed entities on Wednesday also made strategic announcements to give guidance on their continuing projects and future plans.
Adnoc Distribution, which is the largest fuel and convenience retailer in the UAE with a 64 per cent share of the retail fuel market, announced a proposed extension to its existing dividend policy for an additional two years.
The move is expected to bring total dividend targets since last year to Dh18 billion, following a previously announced Dh12.85 billion target from last year to the end of 2028.
The company, which has nearly 940 stations across the UAE, Saudi Arabia, and Egypt, has delivered 70 per cent earnings growth since its IPO.
Adnoc Drilling, which operates nearly 150 rigs across onshore and offshore operations, announced a dividend distribution floor of Dh25 billion by 2030, representing a 26 per cent minimum cumulative dividend return.
The company said it is also rapidly advancing its unconventional energy programme, with strong early results from initial wells in the Ruwais Diyab Concession.
Adnoc Gas on Wednesday unveiled its dividend target of Dh90 billion through to 2030, which would represent a 30 per cent minimum cumulative return for the period 2025–2030.
Adnoc Gas also said it has signed a 20-year, Dh147 billion gas supply agreement with Ruwais LNG, securing reliable feedstock for the UAE’s largest LNG facility.
“This long-term commitment reinforces Adnoc Gas’ position as a trusted global LNG supplier and provides strong visibility on future cash flow,” the company said.
The logistics and services unit, Adnoc L, also announced its 2025–2030 dividend target of Dh8.1 billion, a 52 per cent increase in annual dividends by 2030.
The company also announced a 50-year contract with Ta'ziz, projected to generate Dh4.8 billion in revenue over the first 27 years.
Merger Update
The deal to merge Adnoc's Borouge Austrian OMV's petrochemical business Borealis, to create Borouge Group International, is on track to be completed by the first quarter of 2026.
Adnoc said it has already received regulatory approvals.
In March, Adnoc and OMV agreed on terms to merge their polyolefins business and create a $60 billion global company.
Adnoc has also signed a share purchase agreement with Nova Chemicals, a unit of Mubadala Investment Company, for the full acquisition of Nova.
On completion of the Borouge and Borealis merger, the new entity is set to take ownership of Nova for $13.4 billion, including debt, which will expand its footprint in North America.
“Adnoc and OMV successfully secured financing from global banks for BGI, amounting to 56.6 billion, including the acquisition of Nova Chemicals,” Adnoc said on Wednesday.
“Synergies in excess of Dh1.8 billion annually have been identified as part of the planned transactions, representing significant new value generation for shareholders.”
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
PREMIER LEAGUE FIXTURES
Saturday (UAE kick-off times)
Watford v Leicester City (3.30pm)
Brighton v Arsenal (6pm)
West Ham v Wolves (8.30pm)
Bournemouth v Crystal Palace (10.45pm)
Sunday
Newcastle United v Sheffield United (5pm)
Aston Villa v Chelsea (7.15pm)
Everton v Liverpool (10pm)
Monday
Manchester City v Burnley (11pm)
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
Results:
6.30pm: Maiden Dh 165,000 1,400m.
Winner: Walking Thunder, Connor Beasley (jockey), Ahmad bin Harmash (trainer).
7.05pm: Handicap (rated 72-87) Dh 165,000 1,600m.
Winner: Syncopation, George Buckell, Doug Watson.
7.40pm: Maiden Dh 165,000 1,400m.
Winner: Big Brown Bear, Pat Dobbs, Doug Watson.
8.15pm: Handicap (75-95) Dh 190,000 1,200m.
Winner: Stunned, Pat Dobbs, Doug Watson.
8.50pm: Handicap (85-105) Dh 210,000 2,000m.
Winner: New Trails, Connor Beasley, Ahmad bin Harmash.
9.25pm: Handicap (75-95) Dh 190,000 1,600m.
Winner: Pillar Of Society, Pat Dobbs, Doug Watson.
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
The Book of Collateral Damage
Sinan Antoon
(Yale University Press)
Company%20profile
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If you go
The flights
Emirates and Etihad fly direct to Nairobi, with fares starting from Dh1,695. The resort can be reached from Nairobi via a 35-minute flight from Wilson Airport or Jomo Kenyatta International Airport, or by road, which takes at least three hours.
The rooms
Rooms at Fairmont Mount Kenya range from Dh1,870 per night for a deluxe room to Dh11,000 per night for the William Holden Cottage.
Poland Statement
All people fleeing from Ukraine before the armed conflict are allowed to enter Poland. Our country shelters every person whose life is in danger - regardless of their nationality.
The dominant group of refugees in Poland are citizens of Ukraine, but among the people checked by the Border Guard are also citizens of the USA, Nigeria, India, Georgia and other countries.
All persons admitted to Poland are verified by the Border Guard. In relation to those who are in doubt, e.g. do not have documents, Border Guard officers apply appropriate checking procedures.
No person who has received refuge in Poland will be sent back to a country torn by war.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
MEYDAN%20RACECARD
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The specs
Engine: 5.2-litre V10
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
