Finance Adnoc L&S secures $2bn to fund expansion By Pramod Kumar January 8, 2025, 11:30 AM Wam Since its IPO in June 2023, Adnoc L&S has committed over $5 billion in investments Adnoc Logistics & Services Plc (Adnoc L&S) has finalised up to $2 billion (AED7.3 billion) in new financing to support its growth initiatives. The company has signed a $1.1 billion-$2 billion Hybrid Capital Instrument (HCI). Initial drawing against the HCI will be $1.1 billion, leaving $0.9 billion capacity. Nearly $1 billion will be used to fund the acquisition of Navig8 TopCo Holdings, a shipping and tanker operator. The remaining $900 million will be available to be drawn until December 31, 2026, to fund announced or new value-accretive investments. In addition, the Adnoc subsidiary announced the completion of its acquisition of an 80 percent stake in Navig8 for $1 billion, with a contractual commitment to purchase the remaining 20 percent in mid-2027. CEO Abdulkareem Al Masabi said the financing transaction received strong interest from the market. Adnoc L&S profit and revenue rise in third quarter Revenues of six Adnoc subsidiaries reach $24bn Adnoc L&S awards vessel contracts to South Korea The combination of existing cash, the new finance facility, and the cash flow from contracted vessels will ensure adequate funding, he said. Since its IPO in June 2023, Adnoc L&S has committed over $5 billion in investments. As of January 7 2025, its share price closed at AED5.55, an increase of around 176 percent since its listing. The facility has been arranged and led by Societe Generale, with participation from Abu Dhabi Commercial Bank, First Abu Dhabi Bank, Crédit Agricole Corporate and Investment Bank, BBVA and DBS Bank.
Education Gems Education announces $100m Dubai school Gems Education has revealed plans to open the most expensive school in the Gulf, which is set for completion later this year. It is spending $100 million to develop Gems School of Research and Innovation in Dubai Sports City. Annual fees will start from AED116,000 ($31,582) for early-years education and rise to AED206,000 by the […] 4 hours ago
Energy Aramco announces $9bn of localisation investment Saudi Aramco has identified 210 localisation opportunities within 12 sectors with an estimated market size of $28 billion. Wail Al Jaafari, Aramco vice president of technical services, made the comments on the opening day of the Iktva Forum in Dhahran on Monday. Iktva, which stands for “in-kingdom technical value add”, “is a top priority in […] 3 hours ago
Mining Brazil and UAE sign minerals exploration deal The UAE and Brazil have signed an agreement potentially worth billions of dollars to invest in the search for minerals that are essential to the green energy transition. The memorandum of understanding aims to promote exploration for and development of “strategic” minerals, in a partnership that could reach R$15 billion ($2.45 billion) in investments, Brazil’s […] 2 hours ago
Energy Turkey needs $80bn for energy transition, says minister Turkey needs $80 billion to meet growing energy demand, which has tripled in the last two decades, the energy minister said on Monday. “We need to attract capital into our energy markets. We need to find new business solutions,” Alparslan Bayraktar said at the International Renewable Energy Agency assembly in Abu Dhabi, adding that the […] 2 hours ago
