Adnoc Gas, one of the world’s biggest natural-gas producers, targets a jump in earnings by 2029 as it boosts supply to capitalize on growing demand for gas.

The Abu Dhabi-owned gas company on Monday outlined a target to increase its earnings before interest, taxes, depreciation and amortization by more than 40% over the next five years.

This will be fueled by higher demand for gas, especially in Asia and the United Arab Emirates, and by the company increasing gas volumes through a ramp-up of investments, it said.

Last year, it booked an adjusted Ebitda of $7.61 billion.

The company has set aside $15 billion over the next five years to fund the investments. The earmarked capital will likely rise next year as it excludes two major projects that aren’t yet fully approved, Chief Financial Officer Peter van Driel said in an interview.

The growth plans are part of the U.A.E.’s drive to become a key gas exporter globally. In June, the Gulf country greenlit a major liquefied natural-gas project, the Ruwais LNG facility, that will more than double its export capacity. Adnoc Gas operates Ruwais and said Monday that it intends to acquire parent company Adnoc Group’s 60% stake in the liquefied natural-gas project in 2028.

The super-chilled gas is widely seen as a transitional fuel toward lower carbon emissions globally as it emits less greenhouse gas than coal.

Earlier this year, Shell—the world’s top LNG trader—forecast that global demand for the gas will rise by more than 50% by 2040.

In July, the British energy giant bought a 10% stake in the Ruwais LNG plant, with peers BP and TotalEnergies taking similar stakes.

Adnoc Gas sees domestic demand rising 6% annually to the end of the decade as economic activity and population growth rises. Adnoc Gas supplies around 60% of the U.A.E.’s gas.

The company’s strategy update was announced alongside its third-quarter results. It reported an 11% rise in net profit to $1.24 billion for the quarter compared with the same period last year, driven by higher sales volumes and prices for export-traded liquids.

Analysts had expected net profit of $1.13 billion, according to a consensus polled by Visible Alpha.

Adnoc Gas’s results buck a trend seen across the oil-and-gas sector, with the world’s biggest producers posting lower income due to weak oil prices. Adnoc Gas, however, benefited from the lower Brent crude-oil prices as they meant it was able to buy raw gas at a cheaper price.