ADNOC and ADQ to form joint venture. File
Abu Dhabi National Oil Company (ADNOC) and holding company ADQ have signed a joint venture deal to invest in chemicals projects in the planned Ruwais Derivatives Park, a statement from ADNOC said on Wednesday.
ADNOC will hold a 60% equity stake in the venture, while ADQ, a state-owned holding company, will have the remaining 40%, the statement said.
ADNOC and ADQ's investment platform will evaluate and invest in anchor chemicals projects in the Ruwais park in Abu Dhabi.
ADNOC CEO Sultan al-Jaber said this was part of a strategy to develop the United Arab Emirates' (UAE) derivatives sector and attract foreign investment.
The two companies will conduct a comprehensive feasibility study of projects for Ruwais. The results of the study are due before the end of 2020 and will include opportunities for prospective investors.
The joint venture will be incorporated in the Abu Dhabi Global Market free zone, pending approvals, with both companies jointly determining the management team and board.
The merger would mark the next transformative milestone in ADNOC's ongoing value creation and chemicals growth strategy, with any transaction subject to customary regulatory clearances.
The innovative transaction structure allows ADNOC to tap new pools of global institutional investment capital, whilst maintaining full operating control over the assets included as part of the investment.
ADNOC Distribution, ranking at number 52 overall, is one of 21 UAE companies to be listed, with GCC companies accounting for 90 percent of the total 100.
Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, First Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance of the UAE, on Sunday met with Ruth Porat, President and Chief Investment and Financial Officer of Alphabet and Google. In the meeting held at the Dubai International
Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa, and South Asia (MEASA) region, on Sunday announced the launch of its Sustainable Finance Catalyst to mark COP28’s Finance Day. DIFC’s Sustainable Finance Catalyst, which will be part of
Dr Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Alfredo E. Pascual, Secretary of Trade and Industry of the Department of Trade and Industry for the Republic of the Philippines, finalised the scope of negotiations for a Comprehensive Economic Partnership Agreement (CEPA) between
The World Bank is working with a club of 15 finance bosses to lower the risk of investing in climate projects in emerging economies and attract private capital for cutting emissions. Ajay Banga, the World Bank’s president, said the Private Sector Investment Lab is focused on “figuring out a model of