ADNOC to transfer 24.9% stake in OMV to investment subsidiary XRG
The transfer is aligned with ADNOC's strategy to consolidate its international growth investments under XRG.
XRG will also hold ADNOC's proposed 46.94% stake in the yet-to-be established Borouge Group International upon completion of the transaction.
(Writing by Bindu Rai, editing by Seban Scaria)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
an hour ago
- The National
UAE ranked second most preferred destination for FDI globally
The UAE has been ranked as the second most preferred destination for foreign direct investments globally, as the country continues efforts to further diversify its economy. The Emirates was second to the US, but outranked the UK (at third), India (fourth) and Germany (fifth) in the rankings, state news agency Wam cited an FDI Intelligence report as saying. The Emirates, which received Dh167 billion ($45.5 billion) in FDI last year, aims to increase that figure to Dh1.3 trillion by 2031. The UAE was also ranked as the world's top FDI performer last year relative to the size of its economy, followed by Namibia and Costa Rica, according to FDIIntelligence's Greenfield FDI Performance Index released this week. 'Investor confidence in the Gulf's business hub remained strong last year,' the report said. The country received 'more than 14 times the volume of FDI projects that one might expect given the size of its economy', it added. To boost FDI, the UAE has unveiled several initiatives including 100 per cent foreign ownership of companies, reduced visa restrictions and incentives for small and medium enterprises. It also unveiled the NextGen FDI programme, which seeks to speed up licensing, increase the issuance of bulk or golden visas, improve banking services and provide commercial and residential lease incentives for technology companies seeking to relocate to the country. The UAE's push to sign a series of Comprehensive Economic Partnership Agreement with its partners around the globe has also helped to boost FDI. Launched in 2021, Cepa deals reduce tariffs and remove trade bottlenecks and boost bilateral investment in priority areas.
Zawya
2 hours ago
- Zawya
PIF reports 19% growth in assets under management, $171bln invested in priority sectors since 2021
RIYADH — The Public Investment Fund (PIF) has reported a strong performance for 2024, with assets under management (AuM) rising 19% to $913 billion and total revenue increasing by 25%, according to its newly published annual report. The results highlight PIF's expanding role in driving Saudi Arabia's economic transformation and shaping global markets. Since 2021, cumulative investments in priority sectors have exceeded $171 billion, with $56.8 billion deployed in 2024 alone. The fund's average total portfolio return has reached 7.2% annually since 2017, and its cash position remains broadly unchanged, reflecting robust liquidity. PIF's contribution to the Kingdom's non-oil GDP between 2021 and 2024 totaled $243 billion, representing 10% of the national non-oil economy. The fund has established 103 companies to date, bringing its total portfolio to 225 companies by the end of 2024, while advancing strategic sectors, localization, and innovation. Key milestones in 2024 included partnerships in sports, technology, energy, and entertainment — such as launching Alat, a technology firm focused on semiconductors and smart devices; creating the Neo Space Group to champion the satellite and space sector; and entering multi-year agreements with ATP and WTA to boost global tennis. PIF also acquired a 15% stake in Heathrow Airport and launched Adeera, a Saudi hospitality brand. Internationally, PIF continued to expand its global investment footprint, raising $16.83 billion in public and private debt while earning credit rating upgrades from Moody's and Fitch. Governance performance also reached a milestone, with PIF scoring 96% in Global SWF's 2024 GSR Scoreboard and tying for first place globally in 2025 with a score of 100%. PIF also recorded strong brand growth, with Brand Finance naming it the world's most valuable and fastest-growing sovereign wealth fund brand in 2024. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
4 hours ago
- Zawya
Angola Oil & Gas (AOG) 2025 Deals & Showcases Track to Explore International Oil Company (IOC) Procurement, Best Practices
This year's Angola Oil&Gas (AOG) conference – scheduled for September 3-4 in Luanda – will feature the first-ever Deals&Showcases Track as part of the main conference agenda. Taking place alongside the Strategic and Technical Tracks, this exclusive program feature encompasses a series of sessions that will explore the procurement process of some of the country's biggest operators. The track will also feature presentations that demonstrate youth-led innovation in Angolan oil and gas. With just one month to go until the event, now is the time to secure your place and be part of the multi-track program. The Deals&Showcases Track is geared towards both Angolan youth as well as the country's service providers, entrepreneurs and innovators. Led by major players, the track will introduce key solutions across the value chain, with presentations offering insight into innovative methods to drive exploration, production and broader industry development in Angola. A masterclass on Understanding IOC Procurement: Best Practices for Service Companies will take place during the event. The session will navigate the procurement processes of international companies active in Angola, providing an in-depth look at how companies structure their procurement strategies, what they prioritize in supplier selection and how service providers can optimize their approach to meet industry expectations. The session will be led by Adao Costa, Procurement Manager at ExxonMobil Angola. A session powered by Angola's national oil company Sonangol – titled SonaJovem Showcase – will see entrepreneurs and innovators take the stage to present their business solutions to a panel of seasoned investors and executives. With a few minutes to make their case, Angola's bright minds will showcase the potential of their technology, business model or energy solution. Additionally, a closed-door Carbon Market Session will also take place during this track, followed by a showcase led by energy major TotalEnergies. Meanwhile, a session on Empowering Local: Forex Solutions for Sustainable Growth in Angola's Oil&Gas Sector will examine the evolving financial landscape in Angola and the impact on local service providers. The session will feature insights from experts and industry leaders on how to overcome hurdles in securing foreign currency for international payments and how to position local businesses for growth in a US-dollar dominated global market. Distributed by APO Group on behalf of Energy Capital&Power.
