Dubai’s Emirates National Oil Company declared that it has bagged US$690 million in funding from a Chinese bank consortium. The funding came from a consortium including Industrial and Commercial Bank of China, the Agricultural Bank of China, and China Construction Bank, which will help ENOC finance its general corporate activities.

“With quick changes in the expanding energy industry, there is a global shift towards alternative energy, innovation and digitization,” said Saif Al Falasi, the group chief executive of ENOC. “We are forerunners in the areas of innovation and technology in the regional energy market and are gratified to see international financial institutions trusting and endorsing our growth plans.”

The investment comes along with the oil and gas giant’s efforts to contribute to the United Arab Emirates’s economic development through its exploration, production, supplies and other businesses.

In May 2019, ENOC disclosed its Saudi Arabia expansion plans as part of the kingdom’s Vision 2030, which comprises opening of 124 services stations to meet the rising fuel demand in the Gulf nation and creation of 500 jobs.