Emirates National Oil Company (ENOC) has revealed plans to invest AED 250 million (€57.3 million) in its digital transformation strategy.
ENOC Group is owned by the government of Dubai and owns and operates assets in exploration and production, supply and operations, terminals, fuel retail, aviation fuel and petroleum products. The company’s growth strategy emphasises the need for digitalisation to optimise operations, and aims to identify new growth avenues whilst remaining customer-focussed, to meet growing energy needs in Dubai and the UAE.
ENOC has already introduced several growth initiatives. NEXT, an accelerator programme to build new digital ventures for business-to-business and consumer categories, resulted in the introduction of ENOC Link, a digital mobile fuel delivery service for businesses in the UAE, and Beema, the UAE’s first pay-per-kilometre car insurance.
Masar, meanwhile, is a programme to bring complete digital integration of all ENOC’s divisions to enhance efficiencies. ENOC says that by bringing further integration and transparency, Masar will help it to capitalise on digitalisation trends.
The group will introduce further state-of-the-art technologies and educate current and future employees on the importance of digitalisation to the growth of the group. It is developing its talent pool, particularly young, national talent, and is on track to achieve a 50% Emirati workforce in 2021.
2020 saw the company focus efforts on ensuring employee safety, business continuity and maintaining asset integrity, which led to the development of new business models to increase the capabilities of its storage and terminalling arm, optimise retail non-fuel business and enhance its subsidiaries’ performance, which contributed to a 60% budgetary saving.
‘2020 was an unprecedented year for all and at ENOC we believe that it also presented great opportunities. It made us re-evaluate our operations and urged us to adopt innovative measures to keep up with the fast-paced transformation that our sector is going through. Understanding the current market realities allowed us to introduce changes to emerge as an agile, resilient and future ready organisation, while aligning our efforts with the national mandate,’ says Saif Humaid Al Falasi, ENOC Group CEO, adding that the group will continue to invest to further digital acceleration.