UAE investor buys into Italian NextChem: UAE investor Yousef Al Nowais acquired a 5% stake in Italian industrial group Maire’s sustainable tech solutions subsidiary NextChem for EUR 62.5 mn, based on an enterprise value of EUR 1.3 bn, according to a press release (pdf). Al Nowais purchased the stake from Maire Investments (MI), reducing MI’s stake to 12.9% and leaving Maire with an 82.1% holding.

The investment will drive NextChem’s expansion in the GCC via Al Nowais’ multiple subsidiaries across various sectors in Abu Dhabi. Al Nowais’ investment “will bolster [NextChem’s] development in a strategic area such as the Middle East, which is already playing a fundamental role in the energy transition,” Maire CEO Alessandro Bernini said.

Al Nowais and Maire are no strangers: The UAE investor already holds a 4.7% stake in NextChem’s parent company.

Maire already operates in the UAE: Adnoc awarded Maire a USD 8.7 bn contract in October 2023 to install gas processing and sulfur recovery units for the Hail and Ghasha project, in addition to utilities and pipelines. The offshore venture aims to capture 1.5 mn tonnes of carbon per year and produce low-carbon hydrogen.

Market reax: Maire’s shares surged 6% on the Milan Stock Exchange yesterday, closing up 1.3% at EUR 7.1.

The news got ink in Reuters

Tags: