Business
A Mideast Energy Giant Seizes New Energy Future
Abu Dhabi’s Adnoc has the same challenges as Saudi Arabia’s Aramco—but is planning for the future in different ways.
Sultan Al Jaber, CEO of Abu Dhabi National Oil Co.
Photographer: Jalal Abuthina for Bloomberg BusinessweekThis article is for subscribers only.
Behind the 65-story glass tower that houses the shiny new headquarters of Abu Dhabi National Oil Co. sits a remnant of the Middle Eastern emirate’s not-so-distant past: the squat, sand-colored building that the government-owned energy giant once called home.
The stark contrast between the old and new buildings provides a hint of the changes afoot in energy-rich Abu Dhabi. The tiny, but stratospherically wealthy, emirate is trying to forge an economy for a post-oil world and needs to wring more profits from its petroleum industry to finance the makeover.