UAE’s ADNOC Drilling and Alpha Dhabi to Establish Strategic Partnership
12 November 2023ADNOC Drilling Company PJSC (“ADNOC Drilling”) and Alpha Dhabi Holding PJSC (‘’Alpha Dhabi’’) have agreed to establish a strategic investment joint venture (“JV’’) to invest up to $1.5 billion to acquire technology-enabled companies in the oilfield services (“OFS”) and energy sectors.
ADNOC Drilling will own 51% of the JV with Alpha Dhabi holding 49%, bringing together a market-leading drilling and OFS expert and a prominent UAE conglomerate with a proven track-record of fueling business growth in diverse sectors. Lunate Capital Limited will provide asset management support to the JV.
Leveraging ADNOC Drilling’s scalable technology ecosystem, the JV will be jointly controlled by ADNOC Drilling and Alpha Dhabi, and is empowered to invest in value-accretive businesses globally across the OFS and energy value chain. This will further develop and scale up ADNOC Drilling’s integrated drilling and OFS offering and enhance operational efficiencies.
The JV will identify an actionable pipeline of potential transactions that are value-accretive to both shareholders.
Related
-
Saudi Binladin to receive $6bn loan
1 November 2024
-
Neom to tender hydropower contract
31 October 2024
-
Thiess-Khishig Arvin Joint Venture secures three-year mining services contract in Mongolia
31 October 2024
-
QatarEnergy partners with TotalEnergies for 1.25GW solar project in Iraq
30 October 2024
-
Tadweer Group signed agreement for waste to energy plant in Uzbekistan
30 October 2024
-
Romanian hydropower group Hidroelectrica unveils EUR 280 mln investment plans
29 October 2024