DUBAI: United Arab Emirates President Sheikh Mohammed bin Zayed Al Nahyan on Wednesday launched XRG, an investment company in energy and lower carbon chemicals, the WAM state news agency reported.

UAE’s ADNOC inks 15-year gas deal with Germany’s SEFE

It also said UAE energy giant ADNOC had approved redirecting 200 billion dirhams ($54.45 billion) to the local economy over the next five years.