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Adnoc group CEO

Adnoc lines up another unit for Abu Dhabi listing

Abu Dhabi National Oil Co (Adnoc) plans to launch an initial public offering of its maritime and logistics unit in June, Reuters reported, in what will be the government-owned conglomerate’s latest flotation of an ancillary business.  Adnoc’s part-privatisation drive began in 2017. It has sold minor stakes in subsidiaries Adnoc Drilling, Adnoc Gas, Adnoc Distribution, […]

An Adnoc petrol station in Abu Dhabi. The company opened 12 new service stations in the third quarter of 2023

Abu Dhabi’s Adnoc Gas shares up 18% on debut

Shares of Adnoc Gas rose 18 percent above its listings price, as the state-backed oil giant made its debut on the Abu Dhabi stock market on Monday. The energy firm’s shares traded at AED2.8 ($0.7625), versus its initial public offering (IPO) price of AED2.37, according to Reuters. Adnoc raised $2.5 billion from the listing of […]

Sultan al-Jaber, head of state oil giant Adnoc and UAE climate envoy, at Abu Dhabi Sustainability Week

Adnoc Gas completes record-breaking $2.5bn ADX IPO

Adnoc has raised $2.5 billion from the initial public offering of its gas business, recording the largest ever listing on the Abu Dhabi Securities Exchange. Five percent of the company, or around 3.84 billion shares, were sold at AED2.37 ($0.64) per share, in the upper half of a range that began at AED2.25, according to […]

Sultan Al Jaber, Adnoc's group CEO, launched its plan to monetise assets more than four years ago

Adnoc Gas IPO tipped to break record for Abu Dhabi exchange

Adnoc’s listing of its gas business could take place as soon as this month – and become the largest IPO on the Abu Dhabi Securities Exchange, according to reports. The state-owned oil giant is looking at a valuation of at least $50 billion for Adnoc Gas, two sources close to the matter have told Reuters. […]

Bayanat AI valued its stake at over $170 million after a hugely successful flotation this week

IPO juggernaut Bayanat eyes driverless vehicle acquisitions

Abu Dhabi’s geospatial and data analytics firm Bayanat AI Plc expects its next wave of growth to come from the driverless vehicles segment and is in the market for potential acquisitions. The company this week recorded the best first-day performance of any global stock market listing of at least $100 million this year. It nearly […]

Yousef Abdullah al-Benyan, acting chief executive of Saudi Basic Industries Corp (SABIC)

Gulf petrochemical giants well placed to weather tough economy

Petrochemical companies in the Gulf have safe credit ratings despite rising interest rates and higher energy costs. S&P Global reported this week that Saudi Arabia’s SABIC and Industries Qatar (IQ), which are both ultimately state-controlled, benefit from low feedstock prices, strong shareholder support and “solid bases” of customers. Feedstock is raw material used for processing […]

Person, Human, Tie

Lulu Group targets Iraq and Africa ahead of Abu Dhabi IPO

Lulu Group International is planning a listing on the Abu Dhabi Securities Exchange in 2023 and has hired investment bank Moelis & Co to advise it. The supermarket chain, which has its headquarters in Abu Dhabi, also confirmed to AGBI that it will add new outlets to its network as it consolidates in the Middle […]

UAE IPOs

UAE government’s IPO juggernaut raises $13.3bn and counting

A flurry of government-backed initial public offerings (IPOs) on the Dubai and Abu Dhabi stock markets has helped rejuvenate UAE bourses, as local and international investors seek exposure to the country’s buoyant economy.  While Europe and the US fret over soaring inflation and likely recession, and most emerging market currencies wilt versus the dollar, Gulf […]

ADNOC sends first German cargo as it tests hydrogen ambitions

Abu Dhabi National Oil Company (ADNOC) has announced that its first shipment of low-carbon ammonia has left the UAE bound for Hamburg, Germany, as the company aims to overcome one of the biggest obstacles to its hydrogen industry ambitions.  The demonstration cargo will be delivered to Aurubis, a global provider of non-ferrous metals and one […]

UAE stock markets target London in foreign investment push

Stock markets in Dubai and Abu Dhabi are targeting London as they aim to strengthen their status as key destinations for international investors. Both the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) have completed investor roadshows in the British capital, holding hundreds of meetings with some of the world’s largest asset […]