As Aramco hails record IPO, Abu Dhabi’s ADNOC whips up $19 billion

As Aramco hails record IPO, Abu Dhabi’s ADNOC whips up $19 billion

Like Saudi Arabia, Abu Dhabi's economy was hit by a dramatic fall in oil prices in mid-2014, triggering a drive to reduce its dependence on crude.. ADNOC, which supplies nearly 3% of global oil demand, has for example struck deals with the world's largest fund manager BlackRock ( BLK.N ) and with U.S. investment firm KKR, a rare foray for both into national oil companies in the Middle East.. Their roots can be traced back to 2016, when oil prices fell to $30 a barrel, hitting state revenues and exposing how sensitive Abu Dhabi finances were to volatile prices.. ADNOC's production depended on decades-old concessions with Western oil majors, some of which have been operating in the UAE since the 1930s, and new deals and foreign investment were uncommon.. The visit sent a message to ADNOC's old guard that he would not brook any opposition, said people familiar with the company.. "We wanted to challenge the conventional business model of the National Oil Company," he told Reuters in an interview at his office on the 63rd floor of ADNOC's skyscraper HQ.. In his drive to emulate oil majors, al-Jaber has lured employees from Total ( TOTF.PA