The UAE’s ADNOC Drilling Company and the UAE’s Alpha Dhabi Holding signed an agreement to establish an investment partnership worth 5.5 billion dirhams ($1.5 billion) to acquire companies providing technology in the oil field services and energy sectors, according to a statement from ADNOC on Friday.
ADNOC Drilling, one of the companies of Abu Dhabi National Oil Group (ADNOC), works in drilling oil and gas wells in the UAE and is listed on the Abu Dhabi Stock Exchange.
Alpha Dhabi Holding is an investment company founded in 2013, listed on the Abu Dhabi Stock Exchange, and is affiliated with more than 150 companies operating in the fields of health care, agriculture, petrochemicals, real estate, and hospitality.
According to the statement published on its official website, ADNOC Drilling will own a 51% stake in the investment partnership, and 49% for Alpha Dhabi Holding.
The partnership will focus on investing globally in companies that achieve added value within the value chain of the oilfield and energy services sectors. The partnership will also identify a group of potential executable deals that can achieve added value for shareholders, according to the statement.
According to the statement, the partnership will contribute to developing and expanding the scope of integrated drilling and oilfield services provided by ADNOC Drilling and enhancing its operational efficiency.
(Prepared by: Shaima Hefzy, contact [email protected])
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2023-11-10 21:18:18
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