Ali Siddiqi, previously Acting Chief Financial Officer at ADNOC Distribution, has been formally appointed as the company’s permanent CFO in the latest leadership transition announced by Siddiqi on Saturday morning.
The appointment formalises Siddiqi’s position after he served as Acting CFO from December 2024, overseeing the company’s finance function during a period of evolving energy market conditions.
Siddiqi shared his reaction with Finance Middle East, “I am honoured to be entrusted with the role of CFO at ADNOC Distribution at a time when the company continues to deliver record performance and successfully execute its growth strategy.”
The CFO elaborated on his career at ADNOC, hinting at his next steps at the Emirati firm: “Having been part of ADNOC Distribution’s transformation journey over the past nearly 6 years, I remain focused on driving sustainable growth, robust financial framework, AI and digital led operational excellence and long-term value creation for our shareholders and stakeholders.”
The confirmation comes as UAE fuel prices continue to fluctuate, with diesel prices declining 7.7% MoM in June while petrol prices have risen in recent months amid geopolitical headwinds affecting global energy markets.
Diesel prices fell 7.7% to AED 4.33 ($1.18) per litre from AED 4.69 in May while UAE petrol prices have continued to climb since March.
ADNOC Distribution operates fuel service stations across all seven Emirates and remains the largest fuel retailer in Abu Dhabi, Sharjah, and the Northern Emirates.
The company continues operations across its network despite changes in fuel pricing.
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