Skip to content Skip to Search
Skip navigation

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.

Latest articles

Saudi Arabia Ronnie O'Sullivan snooker

Ronnie O’Sullivan to be Saudi snooker ambassador

Saudi Arabia has signed a deal with the world’s top snooker player, Ronnie O’Sullivan, for him to act as an “ambassador” for the sport in Saudi Arabia.  It was announced alongside news that Saudi Arabia has become an official sponsor of the World Snooker Championship that begins this weekend in Sheffield, UK. Under the three-year […]

UAE Costa Rica Cepa

Costa Rica added to UAE economic partners

The UAE has signed a comprehensive economic partnership agreement with Costa Rica, the latest in a string of trade deals around the world over the past two years. It is the first time the South American country has signed an agreement with a Middle Eastern country. The agreement will improve trade flows between the two […]

A man wades through a flooded street in Dubai. Some areas of the UAE received more than a year's worth of rain in one day Video length: 03:08

UAE president orders review after flooding

The UAE’s president, Sheikh Mohamed bin Zayed Al Nahyan, has ordered an urgent review of the country’s infrastructure after historic levels of rainfall brought the Gulf state to a standstill, with some areas seeing more than a year’s worth of rain in one day. The president has contacted authorities “to quickly work on studying the […]

Visitor numbers to Lebanon for the first 10 months of 2023 were up 21% on 2022 but there is currently 'no significant traffic' from the West

Beirut airport arrivals drop as Westerners stay away

The daily arrival rate at Lebanon’s only functioning international airport is down by 4 percent year on year in the first quarter of this year, according to Marwan Haber, the head of Middle East Airline’s (MEA) commercial division. Speaking at the Horeca hospitality conference in Beirut on Tuesday Haber said 95 percent of arrivals were […]