Musabbeh Al Kaabi is the CEO, Petroleum and Petrochemicals Mubadala Investment Company is very optimistic from the 24th World Energy Congress 2019 on its geopolitical importance in the energy sector. He is confident that the conference would the Abu Dhabi and UAE in making a big jump in the Energy Sector and in fulfilling the dream of UAE Energy Strategy 2050. In an exclusive interaction with the 24th World Energy Congress Preview, he shares his views on the World Energy Congress 2019. Edited Excerpts:
WEC Preview: What role does Mubadala play in the 24th World Energy Congress?
Musabbeh Al Kaabi: As a global investor, we are honoured to be among the primary hosts who will welcome heads of state, 70 ministers, 500 CEOs and 4,000 delegates to Abu Dhabi. Alongside the other major energy players here in the Emirates, we look forward to familiarising them with the capabilities and expertise that exist within our organization and the asset portfolio we manage that contribute to the leading position that the UAE and Abu Dhabi hold in the global energy sector. The 24th Congress will provide a gathering point for current and future energy leaders, and experts in a variety of sectors, alongside a showcase for cutting-edge technologies and opportunities in the future. This is great exposure from an investment perspective and will foster a space for collaboration and enthusiasm to create lasting change. Our ambition is to ensure that the activity within the Congress will carry on well beyond the closing session to create a prosperous energy future for all.
WEC Preview: What are the most important strategic areas in Mubadala's portfolio at present? What does Mubadala want to highlight at the Congress?
Musabbeh Al Kaabi: At the Congress, we want to highlight Mubadala's role as a responsible global investor and our portfolio of companies operating across the energy sector, which together aim to bring safe, secure and reliable energy supplies to markets around the world. We believe that all forms of energy, including fossil fuels and renewables, produced efficiently and responsibly, will be required to meet future energy demand. Key to that is both the activities of our wholly-owned clean energy champion, Masdar, and our portfolio of petroleum-focused businesses. Through these businesses, Mubadala is investing in: Highly competitive and innovative renewable energy solutions; reliable and resilient sources of low-cost oil production; increasing the proportion of gas in our portfolio by developing significant new gas fields such as those in Egypt and Malaysia; building further our position in infrastructure vital to deliver energy supplies to market efficiently and safely; and developing refining and petrochemical facilities required to meet growing demand for fuels and ever more complex lightweight materials key to new technology-driven products.
WEC Preview: What impact do you believe the 24th World Energy Congress will have on the energy sector particularly in the UAE?
Musabbeh Al Kaabi: Under the Patronage of His Highness Sheikh Khalifa bin Zayed Al Nahyan, the 24th World Energy Congress will attract a broad range of senior players representing the full spectrum of the energy and related industries. It will be the first time the Congress has been held in the Middle East in its 95-year history. Mubadala is at the heart of Abu Dhabi's global investment strategy, active not just in the energy sector but in many other areas including, very importantly, technology. We look forward to participating in dialogue on the key developments that are impacting the energy landscape, from advances in our traditionally inventive and resourceful oil and gas businesses, to more broadly applicable innovation and disruption coming from digitalization, AI and automation. The focus on innovation and knowledge has never been greater in the region and hosting the Congress will place Abu Dhabi firmly at the centre of the global energy debate.
WEC Preview: What contribution will the Congress have in meeting global energy challenges?
Musabbeh Al Kaabi: Today, the world is facing significant challenges as we try to balance the issues of energy security, universal access to an ordable energy supplies and the environmental impacts of energy production and use. The 24th World Energy Congress will take place at a time when we look for new ways to innovate and manage this 'energy trilemma' and all the challenges but also the opportunities the world faces. production and use. The 24th World Energy Congress will take place at a time when we look for new ways to innovate and manage this 'energy trilemma' and all the challenges but also the opportunities the world faces. In line with the UAE's drive for innovation, the Congress will bring the latest trends and disruptive technologies, look at innovative ways of thinking and financing, business models and policies that can deliver real change and 'Energy for Prosperity' – the theme of the 2019 edition – for nations, businesses and individuals. In line with the UAE's drive for innovation, the Congress will bring the latest trends and disruptive technologies, look at innovative ways of thinking and financing, business models and policies that can deliver real change and 'Energy for Prosperity' – the theme of the 2019 edition – for nations, businesses and individuals.
WEC Preview: How is Mubadala looking to diversify its energy portfolio through its global investment strategy?
Musabbeh Al Kaabi: Mubadala manages a diverse global energy portfolio with interests spanning the petroleum value chain, from exploration and production, through refining and petrochemicals. Through the technology and operations experience of its asset companies, Mubadala is working alongside ADNOC to develop Abu Dhabi's downstream capabilities and position the Emirate as the leading hub serving the Middle East and the growing markets of Asia. Mubadala is also increasing the proportion of natural gas in its portfolio, reflecting the healthy growth expected in the sector, especially in the Middle East and Asia as a key contributor to the cleaner of power generation. Our company also has a distinguished track record of developing, commercialising and deploying renewable energy solutions and advanced technologies. The company, through Masdar, is behind some of the leading clean energy projects in the region and globally, including the region's largest concentrated solar power plant, the 100 MW Shams 1 in Abu Dhabi and projects like the 630 MW London Array wind power development. As the leading global investment company, we are excited to welcome the 24th World Energy Congress to Abu Dhabi, our home city, which will become the epicentre of the energy debate in September.
WEC Preview: Which energy markets do Mubadala hope to network with at the Congress?
Musabbeh Al Kaabi: Mubadala is a global investor with interests stretching from the Americas, through Europe and the Middle East, to South East Asia and the Far East. Over the past decade, we have been evolving and partnering with best-in-class businesses to deliver strong financial returns for Abu Dhabi and build the Emirates' capabilities and experience across the energy spectrum. The Congress will provide a unique opportunity to connect with high-level decision-makers, regulators, investors, innovators and thought-leaders across all the markets and sectors in which we are active.
WEC Preview: What is the strategic importance of a global event like the World Energy Congress coming to Abu Dhabi?
Musabbeh Al Kaabi: Held every three years, the World Energy Congress is the world's largest, longest-running and most influential energy gathering. It is the only place where the entire global energy ecosystem will come together – not just one energy source, not just one part of the world, and not just one audience. Today, building on the expertise developed in our country over the past decades and our positioning as an energy hub, we are delivering some of the world's most ambitious, forward-looking and innovative energy projects in line with the UAE Energy Strategy 2050. Hosting the 24th Congress will cement the UAE and Abu Dhabi positions as a global force in international energy policy.
(Musabbeh Al Kaabi is the CEO, Petroleum and Petrochemicals Mubadala Investment Company)
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DISCLAIMER: Except for the headline and minor editing, this write-up has been published from 'The 24th World Energy Congress Preview'. Devdiscourse is Media Partner of World Road Congress 2019 being organized in Abu Dhabi on 9-12 September 2019.