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BlackRock, KKR sell stake in ADNOC assets to Abu Dhabi's Lunate

VCCircle

VCCircle · 1y ago

BlackRock, KKR sell stake in ADNOC assets to Abu Dhabi's Lunate

Abu Dhabi-based investor Lunate has acquired a 40% stake in the entity that leases Abu Dhabi National Oil Company's (ADNOC) oil pipelines from private equity firms BlackRock and KKR. The terms of the deal were not disclosed, but it marks a return of the stake to local hands after being purchased by the two US funds for $4bn in 2019. This move aligns with Abu Dhabi's strategy to create a national champion in the alternative investments sector with Lunate, which manages $105bn of assets and is part of a business empire owned by Sheikh Tahnoun bin Zayed Al Nahyan.

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Alpha Dhabi Holding to sell stake in oilfield services firm to JV with ADNOC Drilling

VCCircle

VCCircle · 1y ago

Alpha Dhabi Holding to sell stake in oilfield services firm to JV with ADNOC Drilling

Alpha Dhabi Holding, a subsidiary of Abu Dhabi's International Holding Company (IHC), plans to sell its controlling stake in an oilfield services firm to the joint venture it formed with ADNOC Drilling, a unit of Abu Dhabi National Oil Company. The joint venture, called Enersol, will purchase Alpha Dhabi Holding's stake in the company.

Abu Dhabi's Lunate, Brookfield start $1 bn residential property venture

VCCircle

VCCircle · 3m ago

Abu Dhabi's Lunate, Brookfield start $1 bn residential property venture

Abu Dhabi's Lunate and Brookfield have initiated a $1 billion joint venture to develop residential real estate across the Middle East, including the UAE and Saudi Arabia. This venture will focus on creating high-quality build-to-sell and buy-to-sell residential assets, with Lunate providing significant investment and leveraging its regional network for commercialization. This move follows Lunate's recent acquisition in Dubai and comes amid a post-pandemic property boom driven by foreign investments and residency reforms.

ADNOC to acquire German chemicals company Covestro for $16 bn

VCCircle

VCCircle · 11m ago

ADNOC to acquire German chemicals company Covestro for $16 bn

- Abu Dhabi's ADNOC acquires German chemicals company Covestro for $16 billion, making it ADNOC's largest-ever acquisition. - The deal aims to reduce the Gulf state's dependence on oil and increase investment in cleaner energy sources. - ADNOC plans to expand its presence in petrochemicals, gas, and renewable energy through the acquisition. - The transaction includes a cash deal of 62 euros per share and the assumption of around 3 billion euros in debt. - Covestro is seen as a growth platform for ADNOC, with expectations that the chemicals sector will outpace GDP growth. - The acquisition includes measures to limit ADNOC's control over Covestro, such as maintaining labor representation and securing management's strategic direction.

Germany's Aquila Group to open Middle East office in Abu Dhabi

VCCircle

VCCircle · 4m ago

Germany's Aquila Group to open Middle East office in Abu Dhabi

Hamburg-based Aquila Group is expanding to the Middle East by opening an office in Abu Dhabi, targeting growth opportunities in the Gulf region. The newly formed Aquila Capital Middle East will focus on investments in data centers and renewable energy projects. With 15.4 billion euros in assets, the firm highlights Abu Dhabi's growth prospects. They have preliminary approval from Abu Dhabi's financial center, ADGM, and await final clearance. The region's appeal draws global firms to ADGM.

ADNOC gets access to German firm Covestro's books after $12.5-bn takeover offer

VCCircle

VCCircle · 1y ago

ADNOC gets access to German firm Covestro's books after $12.5-bn takeover offer

ADNOC, the Abu Dhabi National Oil Co, has been given access to Covestro's books after raising its takeover offer to 11.7 billion euros ($12.5 billion). Covestro, a German chemicals firm, has agreed to enter concrete negotiations with ADNOC, indicating that a deal could be reached. The improved offer comes after more than a year of discussions between the two companies. ADNOC has been actively pursuing European targets and recently agreed to acquire OCI's stake in Fertiglobe for $3.6 billion.

Abu Dhabi sovereign wealth fund Mubadala's assets jump 9% in 2024

VCCircle

VCCircle · 3m ago

Abu Dhabi sovereign wealth fund Mubadala's assets jump 9% in 2024

Abu Dhabi's sovereign wealth fund, Mubadala, reported a 9.1% rise in assets under management to 1.2 trillion dirhams ($326.74 billion) in 2024, driven by increased investments in technology, manufacturing, and private credit. Mubadala's deployed capital increased by 33.7% to 119 billion dirhams, achieving a five-year return rate of 10.1%. The fund focuses on diversifying Abu Dhabi's economy and includes investments in AI, clean energy, and advanced manufacturing, aligning with UAE's national priorities.

AI added $500 million of extra value in 2023: Abu Dhabi Oil Company

Economic Times

Economic Times · 1y ago

AI added $500 million of extra value in 2023: Abu Dhabi Oil Company

Abu Dhabi National Oil Company (ADNOC) has announced that it generated an additional $500 million in value in 2023 through the integration of over 30 artificial intelligence tools across its operations. The AI tools were used from field operations to corporate decision-making, resulting in improved efficiency and prevented up to 1 million tons of carbon dioxide emissions. ADNOC is focusing on integrating AI further to future-proof its business and maximize value from its assets. The company utilized tools developed by AIQ, a joint venture with Abu Dhabi-based company G42, to optimize processes and drive automation.

Grapevine: Haldiram's, Temasek, Peak XV, Sealink, Blackrock, Lendingkart in news

VCCircle

VCCircle · 10m ago

Grapevine: Haldiram's, Temasek, Peak XV, Sealink, Blackrock, Lendingkart in news

Private equity firms such as Bain Capital, Blackstone, KKR, SeaLink Capital, Singapore's Temasek, venture capital firm Peak XV Partners, and asset manager BlackRock were featured in multiple news reports. The promoters of Haldiram Snacks Food Pvt. Ltd are looking to sell only a portion of their stake. Other companies such as Premium Credit and Lendingkart also made headlines.

Abu Dhabi AI company Presight takes majority stake in tech venture AIQ

VCCircle

VCCircle · 1y ago

Abu Dhabi AI company Presight takes majority stake in tech venture AIQ

Presight AI Holding has acquired a majority stake in AIQ, a joint venture between Abu Dhabi National Oil Company (ADNOC) and G42. Presight now holds a 51% stake in AIQ, while ADNOC retains a 49% share, valuing the company at $1.4 billion. AIQ utilizes AI and machine learning to improve processes and profitability in the oil and gas industry. ADNOC's CEO, Sultan Al Jaber, will take over as AIQ chairman. There were discussions last year about a potential IPO for AIQ.

Abu Dhabi's IHC arm offers to acquire Vedanta Resources' Zambian copper business

VCCircle

VCCircle · 1y ago

Abu Dhabi's IHC arm offers to acquire Vedanta Resources' Zambian copper business

Abu Dhabi's International Resources Holding (IRH) has made an offer of over $1bn to acquire a 51% stake in Vedanta Resources' Zambian copper assets. IRH aims to expand its copper mining business in Africa and is already planning to bid for a stake in Lubambe Copper Mine. The offer is non-binding and talks are ongoing, with Vedanta potentially reluctant to give up a majority interest. UAE and Saudi Arabia aim to secure metal supplies from Africa to participate in the green energy transition.

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