ENOC partners with EY and BCGDV on new accelerator programme

07 August 2019 Consultancy-me.com 2 min. read

The Emirates National Oil Company has announced the launch of an energy sector accelerator with the support of EY and BCG Digital Ventures.  

Dubai’s state-owned integrated oil and gas operator Emirates National Oil Company (ENOC) has announced the launch of its ‘NEXT’ accelerator programme, an initiative which seeks to address challenges in the energy sector and unlock growth potential through new digital ventures. According to a press release, ENOC has joined with several partners to deliver the programme, including EY and BCG’s investment arm BCG Digital Ventures.

“At ENOC, we believe in the importance of disruption and entrepreneurialism to be able to answer new and unseen challenges, and NEXT is designed to do just that,” said Saif Humaid Al Falasi, ENOC Group CEO. “In addition to creating new revenue streams through digital ventures, NEXT will also look at synergies between different segments across the Group and leverage our existing data and knowledge to unlock growth opportunities across different markets.”

Established in 1993, ENOC is comprised of 30-odd subsidiaries operating across the national and international up- and downstream energy sector value chain, in both energy operations and general services. According to a press release, the NEXT programme will deliver the company’s vision for the future, “by building new digital ventures, enabling a digital transformation of the core through an organisation-wide SAP system implementation, and digital upskilling its workforce.”

Welcome to the world of next

ENOC further stated that the new initiative underpins its commitment to the UAE and Dubai’s drive to become a global hub for knowledge-based, sustainable and innovation-focused businesses. Citing several examples, Al Falasi said, “The UAE is deliberately advancing its innovation agenda to create breakthrough solutions that can address global opportunities and pressing challenges. The move towards encouraging research and development and incubation programmes across key sectors is a reality.”

Together with Dubai-owned digital data hub Moro, ENOC has brought on board global professional services firm EY and Boston Consulting Group’s venture capital arm BCG Digital Ventures to help deliver key components of the programme. Recently, Ernst & Young was announced as a platinum sponsor for the upcoming World Energy Congress to be held in Abu Dhabi, which will explore strategy and innovation for greater sustainability in the global energy industry.

Sitting alongside BCG’s other divisions BCG Gamma (data science and analytics), BCG Platinion (digital and tech transformations), and BCG MAYA (digital marketing), BCG Digital Ventures has since its founding in 2014 served as the global strategy and management consultancy’s corporate venturing and incubation wing, developing, scaling and investing in tech-focused start-ups around the globe together with leading international companies.