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UAE’s ADNOC, Japan Bank for International Cooperation Sign $3 Billion Green Financing Agreement

Abu Dhabi National Oil Company signed a general agreement with the Japan Bank for International Cooperation for a $3 billion green financing facility. WAM
Abu Dhabi National Oil Company signed a general agreement with the Japan Bank for International Cooperation for a $3 billion green financing facility. WAM
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UAE’s ADNOC, Japan Bank for International Cooperation Sign $3 Billion Green Financing Agreement

Abu Dhabi National Oil Company signed a general agreement with the Japan Bank for International Cooperation for a $3 billion green financing facility. WAM
Abu Dhabi National Oil Company signed a general agreement with the Japan Bank for International Cooperation for a $3 billion green financing facility. WAM

Abu Dhabi National Oil Company (ADNOC) has signed a general agreement with the Japan Bank for International Cooperation (JBIC) for a $3 billion (AED11 billion) green financing facility.

The move follows the signing of a Heads of Agreement (HOA) between ADNOC and JBIC in January this year and builds on their long-standing successful partnership.

Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of the Abu Dhabi National Oil Company (ADNOC); Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Minister of Economy, Trade and Industry of Japan, Ken Saitō attended the event.

ADNOC Group Chief Financial Officer Khaled Al Zaabi and Deputy Governor of JBIC Kazuhiko Amakawa signed the agreement in Tokyo.

The credit facility is part of JBIC’s Global action for Reconciling Economic growth and Environmental preservation (GREEN) lending program and is partially supported by Japanese commercial banks.

“We are very pleased to once again partner with JBIC on ADNOC’s first green funding to accelerate our decarbonization and energy transition initiatives,” said Al Zaabi.

“Proceeds of this credit facility will enable ADNOC’s strategy to support a just, orderly and equitable global energy transition. The agreement also marks the next milestone in the long-standing strategic energy relationship between the UAE and Japan, and we look forward to further collaboration with JBIC as ADNOC delivers against its ambitious growth strategy.”

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Saudi PIF, Elm Sign Agreement for Elm to Acquire Thiqah

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo
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Saudi PIF, Elm Sign Agreement for Elm to Acquire Thiqah

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo

The Public Investment Fund (PIF) and Elm, a leading digital solutions company, have signed a share sale and purchase agreement for Elm to acquire Thiqah Business Services Company – a firm specializing in smart technology solutions for business services – in a deal valued at $907 million (SAR3.4 billion).

Completion is expected once regulatory approvals are obtained and certain conditions are satisfied under the agreement.

According to a PIF statement, the transaction will further support a thriving local information and communication technologies (ICT) ecosystem and contribute to PIF’s strategy which aligns with the Vision 2030 aim of using digital transformation to create the high-skills jobs of the future and further grow the Saudi economy. The deal will enhance the growth of the ICT sector, drive innovation, and localize technologies and knowledge by strengthening Elm to lead the sector at the national level, maximizing the value chain by providing a wide range of ICT products, services and devices.

The ICT sector is among PIF’s strategic priority investment sectors, being a key enabler of other key sectors, including entertainment, financial services, healthcare, transport and logistics, and utilities and renewables, the statement said.

“PIF is committed to enabling the creation of national champions which contribute to driving the development and growth of the Saudi economy. PIF’s sale of Thiqah to Elm will contribute to enhancing the vital role of the ICT sector and will strengthen efforts to localize technology and drive innovation,” Head of Technology and Media, MENA Investments, at PIF Shahd Attar said.

CEO of Elm Mohammad Abdulaziz Alomair said: “This is an important transaction for Elm, as it enhances integration, rationalizes spending, increases profitability, and provides qualitative advantages for both parties and the market.”

“The combined integrated entity will be better able to create advanced national smart services to serve market requirements and clients’ needs. It will also contribute to facilitating innovative operations and capabilities to develop products in the business field with cost advantages while achieving economies of scale,” he added.