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Adnoc Drilling’s new JV targets $1.5bn investments

Hamad Al Ameri, group chief executive of Alpha Dhabi, and Abdulrahman Al Seiari, CEO of Adnoc Drilling, sign the JV agreement

Adnoc Drilling Company and Alpha Dhabi Holding have agreed to establish a joint venture to invest up to AED5.5 billion ($1.5 billion) to acquire companies in the oilfield services (OFS) and energy sectors.

A subsidiary of Abu Dhabi National Oil Company (Adnoc) and listed on the Abu Dhabi Exchange (ADX), Adnoc Drilling will own 51 percent of the JV, with Alpha Dhabi holding the remaining stake, the UAE state-owned WAM news agency reported.

The joint venture will invest in “value-accretive businesses globally across the OFS and energy value chain”.

Abdulrahman Abdulla Al Seiari, CEO of Adnoc Drilling, said: “The JV will invest in innovative technology, enhancing our services, while adding depth to our offering and further expanding our business.”

Alpha Dhabi, the fourth most valuable listed company in Abu Dhabi, in May 20200 made an AED9.2 billion commitment to invest in UAE asset management company Chimera Capital and Chimera’s Alpha Wave Ventures II fund.

Adnoc Drilling signed a deal with Abu Dhabi Future Energy Company, known as Masdar, in March to become a drilling technical expert and advisor to support its deployment of geothermal energy around the world.