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ADNOC Announces Plans to Float 4% Stake in Gas Unit on ADX

ADNOC Announces Plans to Float 4% Stake in Gas Unit on ADX
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ADNOC Announces Plans to Float 4% Stake in Gas Unit on ADX

ADNOC Announces Plans to Float 4% Stake in Gas Unit on ADX

ADNOC has announced plan to float a 4% minority stake in ADNOC Gas on the Abu Dhabi Securities Exchange (ADX).

The offering is expected to open on 23rd February, subject to regulatory approvals and other relevant considerations.

ADNOC Gas (the Company), formed in January 2023 through the consolidation of ADNOC’s gas processing and LNG businesses, is a world-class, large-scale integrated business operating across the gas value chain, according to state news agency WAM.

Commenting on the launch of the ADNOC Gas IPO process, Khaled Al Zaabi, Group CFO of ADNOC, said" “We are very pleased to announce our intention to float a minority stake in ADNOC Gas, our world-class gas processing, operations and marketing company.

“Natural gas is central to the energy transition and as the UAE’s gas champion, ADNOC Gas is well-positioned to responsibly harness our significant natural gas resources, while driving efficiencies, delivering value, and reliably supplying this key fuel to meet the world’s growing energy needs.

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Dubai Expects $15.4 Bln in Economic Gains from Metro Blue Line

Sheikh Mohammed bin Rashid at Blue Line Metro groundbreaking ceremony – Asharq Al-Awsat
Sheikh Mohammed bin Rashid at Blue Line Metro groundbreaking ceremony – Asharq Al-Awsat
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Dubai Expects $15.4 Bln in Economic Gains from Metro Blue Line

Sheikh Mohammed bin Rashid at Blue Line Metro groundbreaking ceremony – Asharq Al-Awsat
Sheikh Mohammed bin Rashid at Blue Line Metro groundbreaking ceremony – Asharq Al-Awsat

Dubai expects its newly launched Blue Line metro project to generate more than 56.5 billion dirhams ($15.4 billion) in cumulative economic, social and environmental benefits by 2040, officials said at a groundbreaking ceremony attended on Monday by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

 

The Blue Line represents one of the emirate’s most significant transport infrastructure investments to date and is a cornerstone of the Dubai 2040 Urban Master Plan and the D33 economic agenda aimed at boosting the city’s global competitiveness and quality of life.

 

Spanning 30 kilometers with 14 stations serving nine districts, the Blue Line is expected to serve nearly one million residents by 2040. Authorities estimate it will reduce road congestion by 20% and increase property values along its route by up to 25%.

 

During the ceremony, Sheikh Mohammed approved the design of the Emaar station, which is set to become the world’s tallest metro station at 74 meters high, with a daily passenger capacity of up to 160,000.

 

Mattar Al Tayer, Director-General and Chairman of the Board of Dubai’s Roads and Transport Authority (RTA), said the new line will expand the city’s rail network to 131 kilometers, with 78 stations and 168 trains in operation.

 

Since its launch in 2009, Dubai Metro has transported more than 2.5 billion passengers and now accounts for around 6% of total public transport ridership in the city, according to figures released on Monday.

 

Preliminary studies show the Blue Line will deliver wide-ranging benefits through reduced fuel consumption, lower carbon emissions and improved traffic safety.

 

The line will also provide direct connectivity between Dubai International Airport and key economic, educational and tourism hubs, with travel times ranging from 10 to 25 minutes.

 

Once completed, the Blue Line will become Dubai’s fifth major mass transit initiative, following the Red and Green metro lines, Dubai Tram, and Route 2020.