Abu Dhabi's Oil Giant Inks Partnerships With German Energy, Industry Groups as Part of $46.5 Billion Investment — Update

By Adam Whittaker and Joshua Kirby

Abu Dhabi's national oil-and-gas company said it signed a raft of deals with a potential investment value of 5 billion euros ($5.81 billion) with German energy and industrial groups, part of a major investment by the United Arab Emirates.

Adnoc said Friday that along with its investment arm XRG and the emirate's clean-energy company Masdar, it signed initial deals with companies including power firm RWE, Siemens Industrial and Siemens Energy, and industrial groups Covestro and Bosch Middle East.

The deals come as capital-rich UAE looks to invest some 40 billion euros in Europe's largest economy, where its leaders have been received on a visit this week. The agreements "build on our investments across Germany's energy and industrial landscape and mark another step forward in greater cooperation that will create new opportunities for both countries," said Sultan Ahmed Al Jaber, Adnoc's chief executive and the UAE's industry minister.

The money would partly pay for data centers with a capacity of up to one gigawatt, Berlin said earlier this week. Adnoc said it signed agreements with Bosch, Siemens Industrial and Siemens Energy to explore collaboration on artificial intelligence and other advanced technology.