{"id":577618,"date":"2022-11-29T03:54:47","date_gmt":"2022-11-29T03:54:47","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/29\/uaes-adnoc-to-invest-usd-150-bn-to-expand-in-gas-chemicals-and-green-energy-are-investors-calling-time-on-the-quest-to-build-self-driving-cars\/"},"modified":"2022-11-29T03:54:47","modified_gmt":"2022-11-29T03:54:47","slug":"uaes-adnoc-to-invest-usd-150-bn-to-expand-in-gas-chemicals-and-green-energy-are-investors-calling-time-on-the-quest-to-build-self-driving-cars","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/29\/uaes-adnoc-to-invest-usd-150-bn-to-expand-in-gas-chemicals-and-green-energy-are-investors-calling-time-on-the-quest-to-build-self-driving-cars\/","title":{"rendered":"UAE\u2019s Adnoc to invest USD 150 bn to expand in gas, chemicals, and green energy + Are investors calling time on the quest to build self-driving cars?"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>Adnoc is spending big: <\/strong>The UAE\u2019s Abu Dhabi National Oil Company (Adnoc) will invest USD 150 bn under a five-year business plan that will see it up hydrocarbon production and sell a minority stake in its gas and LNG operations, as well as work toward net-zero emissions by 2050, the company said in a <a href=\"https:\/\/www.adnoc.ae\/en\/news-and-media\/press-releases\/2022\/uae-president-chairs-adnoc-board-of-directors-meeting\">statement<\/a>. The plan will see Adnoc combine its LNG and gas-processing arms into a single entity, Adnoc Gas, that it plans to list in an IPO on the ADX next year. Adnoc is looking to expand its gas, LNG, chemicals, and clean energy business, and will bring forward by three years an earlier target to up its crude oil production capacity to 5 mn barrels a day by 2030.<\/p>\n<p><strong>Is it now or never for driverless cars?<\/strong> Investors are growing impatient with the seemingly endless wait for self-driving technology, which appears to be gaining a reputation as a bottomless pit for their investments, the <a href=\"https:\/\/www.wsj.com\/articles\/investors-are-losing-patience-with-slow-pace-of-driverless-cars-11669576382?mod=hp_lista_pos2\">Wall Street Journal<\/a>reports. TCI Fund Management has recently called into question Alphabet\u2019s self-driving unit Waymo, writing in a letter to execs that the unit has \u201cnot justified its excessive investments.\u201d Waymo has been working on driverless cars for over a decade now.<\/p>\n<p><strong>Some have already given up: <\/strong>Last month, Ford and Volkswagen <a href=\"https:\/\/techcrunch.com\/2022\/10\/26\/ford-vw-backed-argo-ai-is-shutting-down\/\">decided to call it quits<\/a> on their joint autonomous-driving venture, Argo, as it reportedly struggled to bring in fresh investment.<\/p>\n<p><strong>ALSO-<\/strong><\/p>\n<ul>\n<li><strong>Saudi\u2019s sovereign wealth fund (PIF) is considering setting up one of the <\/strong><strong>world\u2019s largest airports and a new airline<\/strong> as part of the kingdom\u2019s USD 1 tn plan to create a tourism industry beyond the Hajj and Umrah pilgrimages. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-28\/saudi-arabia-plans-to-build-airport-in-riyadh-with-six-runways#xj4y7vzkg?leadSource=uverify%20wall?leadSource=uverify%20wall\">Bloomberg<\/a>)<\/li>\n<li>Facebook parent <strong>Meta <\/strong>has been slammed with an <strong>EUR 265 mn fine<\/strong> by Irish authorities over the mishandling of users\u2019 personal data. (<a href=\"https:\/\/www.dataprotection.ie\/en\/news-media\/press-releases\/data-protection-commission-announces-decision-in-facebook-data-scraping-inquiry\">Statement<\/a>)<\/li>\n<li><strong>Crypto lender <\/strong><strong><a href=\"https:\/\/blockfi.com\/\">BlockFi<\/a><\/strong><strong> filed for bankruptcy yesterday<\/strong>, becoming the latest in the crypto world to go belly up in the wake of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/44b5170e-4c27-4073-a613-659765a80dc7\">FTX\u2019s collapse<\/a>. (<a href=\"https:\/\/blockfi.com\/November28-ClientUpdate\">Statement<\/a>)<\/li>\n<\/ul>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>12,917<\/p>\n<\/td>\n<td>\n<p>-0.7% (YTD: +8.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 24.54<\/p>\n<\/td>\n<td>\n<p>Sell 24.62<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 24.54<\/p>\n<\/td>\n<td>\n<p>Sell 24.60<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>13.25% deposit<\/p>\n<\/td>\n<td>\n<p>14.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>10,747<\/p>\n<\/td>\n<td>\n<p>-0.5% (YTD: -4.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>10,406<\/p>\n<\/td>\n<td>\n<p>-1.2% (YTD: +22.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,287<\/p>\n<\/td>\n<td>\n<p>-0.5% (YTD: +2.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,964<\/p>\n<\/td>\n<td>\n<p>-1.5% (YTD: -16.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,474<\/p>\n<\/td>\n<td>\n<p>-0.2% (YTD: +1.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,936<\/p>\n<\/td>\n<td>\n<p>-0.7% (YTD: -8.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 83.19<\/p>\n<\/td>\n<td>\n<p>-0.5%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 6.79<\/p>\n<\/td>\n<td>\n<p>-3.4%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,755.50<\/p>\n<\/td>\n<td>\n<p>0.0%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 16,196<\/p>\n<\/td>\n<td>\n<p>-1.5% (YTD: -64.9%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 fell 0.7% at yesterday\u2019s close<\/strong> on turnover of EGP 1.94 bn (36% above the 90-day average). Local investors were net buyers. The index is up 8.1% YTD.<\/p>\n<p><strong>In the green: <\/strong>Qalaa Holdings (+2.2%), Abu Qir Fertilizers (+1.3%) and Alexandria Containers and Cargo Handling (+1.3%).<\/p>\n<p><strong>In the red: <\/strong>Talaat Moustafa Group (-3.4%), Heliopolis Housing (-2.6%) and Juhayna (-2.3%).<\/p>\n<p><strong>There\u2019s plenty of volatility in global markets this morning as Asian shares whipsawed out of the red <\/strong>despite ongoing unrest in China. The main Shanghai and Hong Kong indexes were both very comfortably in the green this morning at dispatch time, clawing back losses yesterday. Futures suggest a mixed open later today for European and North American markets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Adnoc is spending big: The UAE\u2019s Abu Dhabi National Oil Company (Adnoc) will invest USD 150 bn under a five-year business plan that will see it up hydrocarbon production and sell a minority stake in its gas and LNG operations, as well as work toward net-zero emissions by 2050, the company said in a statement. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":577619,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[1703,144,72,119,91,122,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577618","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-adnoc","tag-automotive","tag-enterpriseam","tag-financial-markets","tag-oil-and-gas","tag-planet-finance","tag-uae","wpautop","entry"],"acf":{"mongo_id":"46c0ad38-50cc-4b9a-9aec-f5783fb9fa01","is_powered_by":true,"section_story_id":"aca27d03-5525-4156-aa84-6bc789e1d713","story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/478.jpg","photo_position":"above","related_issue":[577595],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>UAE\u2019s Adnoc to invest USD 150 bn to expand in gas, chemicals, and green energy + Are investors calling time on the quest to build self-driving cars? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/29\/uaes-adnoc-to-invest-usd-150-bn-to-expand-in-gas-chemicals-and-green-energy-are-investors-calling-time-on-the-quest-to-build-self-driving-cars\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UAE\u2019s Adnoc to invest USD 150 bn to expand in gas, chemicals, and green energy + Are investors calling time on the quest to build self-driving cars?\" \/>\n<meta property=\"og:description\" content=\"Adnoc is spending big: The UAE\u2019s Abu Dhabi National Oil Company (Adnoc) will invest USD 150 bn under a five-year business plan that will see it up hydrocarbon production and sell a minority stake in its gas and LNG operations, as well as work toward net-zero emissions by 2050, the company said in a statement. 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