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Adnoc Drilling locks in its Oman play
Adnoc Drilling has completed its acquisition of an 80% stake in MB Petroleum Services (MBPS), a Muscat-based drilling and oilfield services provider, according to a statement (pdf), locking in a key leg of its regional expansion. The acquisition — closed ahead of schedule — lifts its fleet to 170 rigs, including 30 across Oman, Kuwait, and Bahrain through joint ventures, and adds a 22-rig portfolio across core GCC markets.
Early signs are encouraging: MBPS has secured four new rig contracts in Oman and Kuwait, while posting strong early performance, with freecashflow up 20%+ and net income up over 40% in 1Q 2026. The business will be consolidated from 2026, with a full-year contribution expected in 2027.
REFRESHER- Adnoc Drilling agreed last November to acquire the stake for USD 163 mn, with an option to buy the remaining 20% from Oman’s MB Holding Company, as part of a broader push into regional drilling assets. The acquisition builds on earlier plays in Kuwait and Oman, including its SLB land drilling acquisition, and sits within a wider plan to scale its fleet and deploy up to USD 1 bn into inorganic growth.
UAE banks double down on London real estate
Abu Dhabi Islamic Bank (ADIB) and Emirates NBD closed a GBP 121 mn five-year club facility to refinance the Pullman London St Pancras hotel, according to a press release. The transaction, structured as a 50-50 split, marks their second joint UK play, following a USD 177.6 mn student housing financing near Paddington in 2024.
The asset fits the brief: A 312-room hotel in central London, operated by the French hospitality group Accor, next to St Pancras, King’s Cross, and Euston. It is positioned for steady demand across business, leisure, and events.
Judan pushes deeper into digital banking
Abu Dhabi’s new financial heavyweight Judan Financial is stepping further into fintech, with one of its units converting into a digital bank. Reem Finance has secured a community banking license from the Central Bank of the UAE and will now operate as Reem Bank, targeting SMEs, fintechs, and digital wallets, it said in a LinkedIn post.
At the helm: The bank will be led by former First Abu Dhabi Bank banker Sara Al Binali (LinkedIn) and will rely on existing shareholder capital, Bloomberg reports.
The move adds to Judan’s rapid buildout since its launch earlier this year by IHC as a financial services platform spanning banking, asset management, and fintech. It has wasted little time deploying capital: the group snapped up a majority stake in Alpha Wave Global, giving it exposure to global AI names like OpenAI and SpaceX, and is also expanding into India’s lending market via Sammaan Capital.
