ADNOC to privatise services entities

Abu Dhabi

ABU DHABI, July 10, 2017 – ADNOC is making plans to put some of its services-related businesses on local equity markets in order to create new partnerships, the company said in a statement on Monday.

ADNOC has said that it was eyeing a variety of investors, such as trading houses, international pension funds, private equity investors and infrastructure specialists. The partnerships are expected to commence later in the year.

“Such IPO’s would support the growth and expansion of the UAE’s private sector and equity capital markets and will allow the public, and other investors, to invest alongside ADNOC and benefit from the future growth of these assets,” the company said.

Although the move follows the neighbouring NOC Saudi Aramco’s bid to privatise sections of the company, ADNOC underlined that it would not list the parent company.

“Let me be very clear, we will not IPO ADNOC, the group holding company. ADNOC will remain fully owned by the government of Abu Dhabi,” CEO Sultan Al Jaber said in an interview with UAE’s The National.

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