Abu Dhabi: ADNOC Drilling Company (ADNOC Drilling) and Alpha Dhabi Holding (Alpha Dhabi) have entered into a strategic investment joint venture (JV) to invest up to $1.5 billion. The partnership is aimed at acquiring technology-enabled companies in the oilfield services (OFS) and energy sectors.
ADNOC Drilling will own 51 percent of the JV, with Alpha Dhabi holding 49 percent, bringing together a market-leading drilling and OFS expert as well as a prominent UAE conglomerate. According to reports, Lunate Capital Limited will provide asset management support to the JV.
The JV will be jointly controlled by ADNOC Drilling and Alpha Dhabi and is empowered to invest in value-accretive businesses globally across the OFS and energy value chain.
Eng. Hamad Al Ameri, Managing Director and Group CEO of Alpha Dhabi, commented that “this joint venture with ADNOC Drilling marks a significant milestone in our commitment to driving growth and fostering innovation in the energy domain. Pooling our collective expertise, we are poised to unlock new opportunities, delivering sustainable value to our stakeholders. Diversification and innovation are critical pillars in today’s dynamic global economy.”
“This partnership not only underscores our dedication to these principles but also positions us to significantly boost the UAE’s domestic growth, laying the foundation for sustained national prosperity,” Mr. Al Ameri added.