The oil rich states of the GCC are engaging in large-scale investment diplomacy with the US in order to secure their relationships with the new Trump administration. Following Saudi Arabia’s earlier pledge to invest $600bn – or was that $1 trillion? – in the US over four years (MEES, 31 January), the UAE this week pledged $1.4 trillion over ten years. The new investment framework will focus on AI infrastructure, semiconductors, energy, and American manufacturing.
Investments on such a scale are unlikely to ever be realized, but both countries are still expected to invest heavily in the US. The UAE statement came days after it established a fund to invest $25bn in powering data centers and AI projects in the US (MEES, 21 March), while Adnoc is chasing major energy sector investments through its XRG subsidiary, having last year agreed to invest in the under-development 17.5mn t/y Phase 1 Rio Grande LNG project (MEES, 24 May 2024). XRG also plans investments in gas, chemicals, energy infrastructure and low carbon solutions. (CONTINUED - 163 WORDS)