Investors Acquire Additional Shares in ADNOC Drilling
ADNOC offered 880 million shares, priced at AED3.90 – nearly 70% above the IPO price of AED2.30 per share.
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The Abu Dhabi National Oil Company (ADNOC) has successfully executed the placement of 880 million shares to institutional investors, representing about 5.5 percent of the company’s total issued and outstanding share capital.
This offering was set at AED3.90 per share, around 70% above the initial public offering price of AED2.30, drawing significant interest from both GCC and international institutional investors. The offering price represented a 5.6% discount to ADNOC Drilling’s closing price on May 22.
Strategic Financial Move by ADNOC
Khaled Al Zaabi, ADNOC Group‘s Chief Financial Officer, commented on the strong market response: “The significant interest our offering generated from both domestic and international investors is testament to ADNOC Drilling’s growth trajectory since its IPO and its exciting future growth potential. “As a committed, long-term majority shareholder, ADNOC looks forward to its continued support of ADNOC Drilling, which is central to ADNOC’s strategic growth initiatives and its role as a key catalyst and critical enabler of the Abu Dhabi financial market.”
This initiative is expected to increase ADNOC Drilling’s free float to 16.5%, with the settlement of the offering anticipated around May 28. A larger free float could also potentially qualify the company for inclusion in the Morgan Stanley Capital International (MSCI) Emerging Market Index at the next quarterly review, assuming all inclusion criteria are met.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
MoU for ongoing collaboration to develop specific sectors through joint
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The Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), and the Canada Arab Business Council (CABC), a not-for-profit association dedicated to promoting trade and investment between Canada and the Arab world, have signed a Memorandum of Understanding (MoU). This agreement aims to establish a framework for ongoing collaboration to develop specific sectors through joint initiatives, knowledge sharing, and strategic support.
Under the MoU, QFC and CABC will collaborate on initiatives to foster innovation and growth within QFC’s targeted sectors, such as financial services and professional business services. They will also work to facilitate business opportunities between Qatar and Canada.
Additionally, the two parties will exchange insights on innovation trends, product developments, and regulatory updates in their respective jurisdictions, fostering mutual learning and growth. They will actively promote each other’s programs and activities at their respective events and platforms, enhancing visibility and highlighting investment opportunities in the Qatari and Canadian markets.
Commenting on the partnership, Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, said: “We are excited about this collaboration, which aligns with our mission to facilitate economic cooperation with key markets across the globe and commitment to fostering growth within QFC’s priority sectors. By joining forces with CABC, we aim to expand our outreach and create valuable opportunities for businesses in Qatar.”
Commenting on the partnership, Dr. Mohamad Sawwaf, Chair of the Canada Arab Business Council, shared his perspective: “This strategic alliance between the Canada Arab Business Council and the Qatar Financial Centre marks a significant milestone in fostering economic collaboration and innovation between Canada and Qatar. By leveraging our combined strengths, we are poised to drive sectoral development, enhance knowledge sharing, and create valuable business opportunities that will benefit both regions. We are enthusiastic about the potential this partnership holds and are committed to supporting the growth and success of our member organizations through this collaboration.”
This strategic alliance establishes a foundation for leveraging the strengths of QFC and CABC to advance their shared interests in promoting innovation, supporting business growth, and strengthening economic ties between Qatar and Canada.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
