{"id":106138,"date":"2025-08-01T00:00:00","date_gmt":"2025-08-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-adnoc-drilling-eyes-another-acquisition-in-kuwait-and-oman-fuel-prices-are-down-marginally-in-august\/"},"modified":"2025-08-01T00:00:00","modified_gmt":"2025-08-01T00:00:00","slug":"this-morning-adnoc-drilling-eyes-another-acquisition-in-kuwait-and-oman-fuel-prices-are-down-marginally-in-august","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/08\/01\/this-morning-adnoc-drilling-eyes-another-acquisition-in-kuwait-and-oman-fuel-prices-are-down-marginally-in-august\/","title":{"rendered":"THIS MORNING: Adnoc Drilling eyes another acquisition in Kuwait and Oman + Fuel prices are down marginally in August"},"content":{"rendered":"

Good morning, friends, and happy FRIDAY. <\/strong>We wrap this busy week with another packed issue, led by news that the UAE has already seen some USD 5.4 bn in greenfield FDI in 1H, though that\u2019s down slightly from the same time last year. We also have a stream of earnings<\/strong> from e&, Borouge, PureHealth, and more, and another investment from Mubadala<\/strong>.<\/p>\n

JUST IN- Israel has pulled most of its diplomatic staff from the<\/strong> UAE, Reuters<\/a> reports, amid what it said were concerns over Israelis\u2019 safety as more \u201cterrorist organizations\u201d \u2014 it said in reference to Hamas, Iran, and others \u2014 increase efforts to \u201charm Israel,\u201d the government said in a statement<\/a>. <\/p>\n

WEATHER-<\/strong> Dubai<\/strong> will hit a scorching 46\u00b0C today, cooling to a humid 32\u00b0C overnight. Abu Dhabi<\/strong> will see a slightly milder 45\u00b0C, with humidity sticking around as temperatures settle to 36\u00b0C this evening. <\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- <\/strong>ADX-listed <\/strong>Adnoc Drilling is eyeing a second acquisition in Kuwait and Om<\/strong>an <\/strong>this year <\/strong>or in early 2026, Bloomberg<\/a> reports citing CFO Youssef Salem. Salem said the transaction would be similar in size and structure to the May USD 112 mn<\/a> purchase of the land drilling businesses of US oil and gas wells drilling company Schlumberger Middle East (SLB) in Kuwait and Oman, which means it could also include an earnout clause.<\/p>\n

Also in the pipeline:<\/strong> He also noted that Adnoc Drilling is on track to close two more acquisitions for technology-linked services companies by year-end, valued at around USD 350 mn, through its Enersol joint venture with Alpha Dhabi Holding<\/a>.<\/p>\n

ICYMI- Adnoc Drilling\u2019s 2Q earnings beat estimates: <\/strong>The firm\u2019s net income rose 19% y-o-y to USD 351 mn<\/a> in 2Q 2025, while revenue for the quarter climbed 27.9% y-o-y to USD 1.2 bn, supported by continued rig fleet expansion and rising demand for onshore and oilfield services.<\/p>\n

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<\/a> #2- Gulf Capital eyes three or four more exits over the next year and a half:<\/strong> Gulf Capital is working on three to four exits in the healthcare and fintech sectors worth over USD 1 bn, the firm\u2019s managing director of private equity Hazem Abu Khalaf told Asharq Business (watch, runtime: 4:45<\/a>). The exits can be expected within the next 18 months, he said, and come after the firm offloaded its majority stake in Art Fertility earlier this week<\/a>. <\/p>\n

Same strategy, new fund: <\/strong>The firm is planning to soon launch its fourth private equity fund in the range of USD 800 mn to 1 bn, which will acquire majority stakes in consumer, healthcare, and fintech firms. The firm\u2019s strategy is to hold investments for five to six years \u2014 enough time to ensure it\u2019ll see a significant return, Al Khalaf said. <\/p>\n

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<\/a> #3- <\/strong>Dub<\/strong>ai-<\/strong>based in<\/strong>vestment firm Beyond One\u2019s planned acquisition of <\/strong>Telef\u00f3nica\u2019s Mexican <\/strong>unit for about <\/strong>EUR 520 mn (USD 610 mn)<\/a><\/strong> could see some delays and conditions on the regulatory approvals front<\/strong>, but is unlikely to face much pushback, according to a note from Fitch Solutions<\/a> \u2019 BMI.<\/p>\n

The rationale: <\/strong>Beyond One owns Virgin Mobile Latin America, which has operations in Mexico and Colombia. The combined 22.5 mn subscribers of Virgin Mexico and Telef\u00f3nica merely put the merged entity on par with AT&T, leaving Mexico's dominant mobile network operator Telcel\u2019s 83.3 mn users unchallenged, Fitch\u2019s BMI said. Regulators could impose conditions such as job preservation, the appointment of Mexican managers, or even a local stock market listing for the Dubai-owned buyer, Fitch Solutions said.<\/p>\n

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#4- <\/strong>Arab <\/strong>Investment Co. plans USD 1.2 bn portfolio pivot: <\/strong>The Arab Investment Company is looking to sell off its entire USD 1.2 bn legacy portfolio to shift toward private markets, Bloomberg<\/a> reports. The state-backed investor, owned by 17 regional governments, will reallocate the majority of its assets to private equity \u2014 with venture investments also receiving some allocations, as part of a change in direction under CEO Abdullah Bakhraibah, who took over last year. The firm will focus on the healthcare, education, industrials, and technology sectors, including AI investments, and is planning 20 transactions this year across its shareholder nations.<\/p>\n

Where does the UAE come in? <\/strong>The Emirati government invested USD 142.6 mn into the firm with a 13.5% ownership stake, making it the third-largest contributor after Saudi Arabia and Kuwait, each with USD 173.8 mn in the fund and 16.4% ownership.<\/p>\n

The restructuring mirrors Gulf sovereign funds' broader move toward higher-yield assets<\/strong>, a strategy similar to that of Saudi Arabia's Public Investment Fund and Abu Dhabi wealth funds.<\/p>\n

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#5- <\/strong>Nasdaq <\/strong>Dubai\u2019s first-ever BTC fund delists: <\/strong>Canada-based investment firm 3iQ<\/a>Corp<\/a> has officially pulled its BTC Fund<\/a>, the first-ever crypto vehicle<\/a> to list in the Middle East, from Nasdaq Dubai. The fund, which was also previously listed in Toronto, was removed yesterday from the Dubai Financial Services Authority\u2019s (DFSA) official list of securities, according to a bourse disclosure<\/a>. The voluntary delisting was approved by 3iQ\u2019s board and shareholders earlier this month<\/a> and marks the end of its four-year run on the exchange. <\/p>\n

Trading was suspended last week<\/strong>, after the fund manager said that maintaining the Dubai listing had become too costly in a market announcement (pdf)<\/a> back in May.<\/p>\n

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#6- Stargate announces second project: <\/strong>MGX-backed AI infrastructure project Stargate is planning to open a USD 1 bn data center in Norway, according to a statement<\/a>. The project will initially install 100k Nvidia processors, and could see 10x expansion in the future according to demand. Developer Nscale and investment group Aker will jointly own the facility. <\/p>\n

REMEMBER-<\/strong> The AI alliance between OpenAI, SoftBank, and Oracle \u2014 with contributions from MGX for the first USD 100 bn phase \u2014 recently announced its first project in the UAE<\/a>, which will see a data center cluster built in Abu Dhabi, set to go live next year. <\/p>\n

PSAs- <\/p>\n

#1-<\/strong> Starting<\/strong> this month, parking fees will apply around Dubai's mosques outside pra<\/strong>yer times<\/strong>, as parking operator Parkin takes over 21k parking spaces at around 59 religious sites across Dubai, according to Dubai Media Office<\/a>. Parking will be gratis for one hour during prayer times, but chargeable otherwise. <\/p>\n

<\/a> #2- <\/strong>Fuel<\/strong> prices are dipping slightly this month: <\/strong>The Fuel Price Committee left fuel prices slightly lower and raised diesel prices for August, after across-the-board increases in July<\/a>, according to a post on X<\/a>. <\/p>\n

Here\u2019s the new breakdown per liter:<\/strong><\/p>\n