{"id":109554,"date":"2025-11-18T00:00:00","date_gmt":"2025-11-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-wood-groups-shareholders-approve-sidara-acquisition-space-sector-strategy-for-private-sector-coming\/"},"modified":"2025-11-18T00:00:00","modified_gmt":"2025-11-18T00:00:00","slug":"this-morning-wood-groups-shareholders-approve-sidara-acquisition-space-sector-strategy-for-private-sector-coming","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/11\/18\/this-morning-wood-groups-shareholders-approve-sidara-acquisition-space-sector-strategy-for-private-sector-coming\/","title":{"rendered":"THIS MORNING: Wood Group\u2019s shareholders approve Sidara acquisition + Space sector strategy for private sector coming?"},"content":{"rendered":"

Good morning, friends. <\/strong>It\u2019s a busy morning as a slew of events take place across the UAE, alongside several diplomatic visits from the president of South Korea and Canada\u2019s PM. <\/p>\n

Our big story of the day is the USD 38 bn order from Emirates for Boeing aircraft<\/strong>, along with several other agreements taking place on the first day of the Dubai Airshow. (PS: If you\u2019re attending, shoot us a reply to this email if you\u2019d like to meet on ground.) <\/p>\n

Adia is also pulling the trigger on a follow-on sale <\/strong>as it looks to sell a stake in Ooreedo. Plus:<\/strong> More M&A news as the Telegraph<\/strong> saga continues, with RedBird and IMI pulling their bid for the UK newspaper, while in other UK news, Arada Developers<\/strong> is acquiring a stake in a London project. <\/p>\n

\u26c5WEATHER- Expect some fog and clouds today, and throughout the rest of the week, wit<\/strong>h a chance of blowing winds and dust<\/strong>, according to the National Center of Meteorology (pdf)<\/a>. Dubai will see a high of 31\u00b0C and a low of 21\u00b0C, while Abu Dhabi will see a high of 30\u00b0C and a low of 21\u00b0C. <\/p>\n

PSA- <\/p>\n

<\/a> Public sector employees are getting a four-day weekend soon:<\/strong> Monday, 1 December and Tuesday, 2 December have been declared public holidays for federal government employees to mark National Day, according to the Federal Authority for Government Human Resources<\/a>. We now await confirmation from the Human Resources and Emiratization Ministry on the holiday for private sector employees. <\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- Sidara closer to finalizing Wood Group acquisition: <\/strong>Dubai-based Sidara\u2019s acquisition of the UK\u2019s Wood Group received the green light from the UK firm\u2019s shareholders, with 89% voting in favor of the transaction at a general meeting<\/a> yesterday. The companies are now finalizing regulatory procedures for the acquisition, with Wood Group saying it expects the acquisition to be finalized in 1H 2026. This comes shortly after Wood Group published its 1H 2025 earnings and 2024 accounts, clearing the way for the acquisition to go through. <\/p>\n

Refresher: <\/strong>Sidara had submitted<\/a> an allcash offer to acquire UK-listed John Wood Group for GBP 216 mn, valuing it at c. GBP 207 mn, 95% below its peak value in 2018. Sidara plans to make Wood its dedicated energy and materials division, with the company set to also inject USD 450 mn in capital to shore up Wood\u2019s liquidity. Of this, USD 250 mn will be made available soon after shareholder approval, with the remaining USD 200 mn released after the completion of the acquisition. <\/p>\n

ADVISORS- <\/strong>Sidara is advised by Goldman Sachs and Greenhill, with Allen and Overy Shearman Sterling, White and Case, and Dickson Minto as counsel. Saranac Partners and RB&A Partners acted as debt advisers. Wood is advised by Europa Partners, Rothschild and Co, JPMorgan Cazenove, and Morgan Stanley, with Slaughter and May and Burness Paull as counsel, and FTI Consulting as PR adviser.<\/p>\n

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<\/a> #2-<\/strong> 2PointZero eyes earnings jump + dividend roadmap: <\/strong>2PointZero Group \u2014 the merged entity combining Multiply Group, Ghitha, and 2PointZero \u2014 is targeting a 35% increase in 2026 net income (excluding fair-value movements) and plans to propose a dividend policy starting in 2027, state news agency Wam<\/a> reports. The guidance comes as the company awaits regulatory approval<\/a> after Multiply took over shares<\/a> in Ghitha and all of 2PointZero recently, and International Holding Company completed (pdf)<\/a> the allocation of new Multiply Group shares tied to the acquisition.<\/p>\n

REMEMBER- What the merger creates: <\/strong>The combination will form an AED 120 bn investment platform operating under the 2PointZero Group name and spanning energy and consumer sectors across 85+ countries. Once completed, the group will have a 39% freefloat \u2014 a lift expected to deepen institutional participation and raise its weighting in major indices, including MSCI EM, the FTSE ADX General Index, and FADX 15.<\/p>\n

Multiply <\/strong>has also confirmed<\/strong> the capital increase has gone<\/strong> through <\/strong>with the completion of its issuance of 23.6 bn new shares, according to a disclosure (pdf)<\/a>. It has also formally changed its name to 2PointZero Group.<\/p>\n

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<\/a> #3- A new space sector-focused strategy aimed at encouraging private sector <\/strong>participation in the sector is expected before year-end<\/strong>, UAE Space Agency Chairman Ahmed Al Falasi told CNBC Arabia<\/a>. Private spending in the sector is already up 30% y-o-y this year, making up 45% of total space spending in the UAE, marking a shift away from the sector\u2019s earlier reliance on government funding. <\/p>\n

The strategy will target firms<\/strong> across the supply chain<\/strong>, from engines and rocket components to satellites. <\/p>\n

REMEMBER- <\/strong>The UAE has invested about AED 44 bn<\/a> in its space industry so far and aims to rank among the world\u2019s top 10 space hubs by 2031.<\/p>\n

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<\/a> <\/p>\n

HAPPENING TODAY- <\/p>\n

#1- A UAE delegation is visiting Singapore and India until Friday, 21 November<\/strong> to boost bilateral trade and explore new sustainable development investments, Abu Dhabi Media Office<\/a> reports. The delegation will meet with policymakers, investors, and business leaders in both countries to strengthen partnerships across sectors like AI, agritech, healthcare and life sciences, renewable energy, advanced technology, financial services, manufacturing, and logistics.<\/p>\n

#2- South Korea\u2019s President Lee Jae Myung is on his second day of a three-day state visit to the UAE<\/strong>, holding talks with President Mohamed bin Zayed Al Nahyan to strengthen cooperation in investment, defense, energy, advanced technologies, and healthcare, Asharq Business<\/a> reports. The visit builds on existing relationships spanning politics, economy, nuclear cooperation, climate change, cybersecurity, food security, defense, healthcare, culture, government administration, and space.<\/p>\n

#3- The <\/strong>MENA Leaders\u2019 Summit on Financial Inclusion<\/a><\/strong> is wrapping up today <\/strong>at The St. Regis Abu Dhabi Corniche, according to a press release (pdf)<\/a>. The two-day summit will convene ministers, central bank governors, fintech CEOs, and international organizations such as the OECD to discuss innovation and financial inclusion across the region. <\/p>\n

The Central Bank of the UAE will also launch its national strategy for financial inclusion<\/strong> during the event, according to the release. Expect lots of talk around digital financial services, women\u2019s economic empowerment, financial literacy, consumer protection, and policies to promote a sustainable financial ecosystem.<\/p>\n

#4- Canadian Prime Minister Mark Carney will be arriving in Abu Dhabi today for a <\/strong>working visit<\/strong> focusing on attracting new investments and trade partnerships, and expanding the trade and economic partnership in areas like energy, agriculture, infrastructure, and AI, according to a statement<\/a>. The PM will meet with business execs to attract investments to build out Canada\u2019s export infrastructure and boost access for Canadian exporters. <\/p>\n

#5- <\/strong>Dubai Airshow<\/a><\/strong> is on its second day and runs until Friday<\/strong> at Al Maktoum International Airport in Dubai. The event features over 1.4k exhibitors and 192 aircraft on display, and looks to develop new solutions for sustainable aviation. Expect plenty of agreements as well as discussions around key issues facing the aviation industry, from MRO and airport and airline management to cybersecurity, workforce development, airport tech, and women\u2019s leadership in aerospace.<\/p>\n

#6- <\/strong>The<\/a><\/strong>Mining Show<\/a><\/strong> kicked off yesterday and wraps up today<\/strong> at Dubai World Trade Center\u2019s Za\u2019abeel Halls. Featuring over 250 exhibitors, the event serves as a platform for knowledge exchange showcasing the latest technologies in mining across the Middle East, Africa, and South Asia. <\/p>\n

#7- <\/strong>Middle East Iron & Steel<\/a><\/strong> is on its second day and will continue till tomorrow <\/strong>at Madinat Jumeirah Conference Center. The event brings together over 1.3k international senior executives to discuss the latest trends in the steel and iron industry. <\/p>\n

#8- <\/strong>Dubai Future Forum<\/a><\/strong> kicks off today and will be ongoing till tomorrow at the Museum <\/strong>of the Future<\/strong>, bringing together policymakers, technologists, and futurists to explore long-term trends shaping the region, from AI to proactive medicine, and urban resilience. Some 100 innovative projects from students, graduates, and professors from global universities will be showcased, with five projects set to be chosen for support to prepare them for real-world application. <\/p>\n

HAPPENING THIS WEEK- <\/p>\n

#1- The <\/strong>Investment and Business Summit<\/a><\/strong> kicks off tomorrow and runs till Thursday, 20 <\/strong>November<\/strong> at Al Hamra International Exhibition and Convention Center in Ras Al Khaimah, gathering investors, industry leaders, and government representatives to discuss investment prospects in Ras al Khaimah, with a focus on manufacturing, tourism and hospitality, real estate and infrastructure, and investment and finance. <\/p>\n

#2- The <\/strong>Sharjah International Travel and Tourism Forum<\/a><\/strong> takes place tomorrow <\/strong>at Al Jawaher Reception and Convention Center. The forum will gather senior government officials, international experts, and tourism, travel, and tech industry players to explore future trends in the tourism sector. <\/p>\n

THE BIG STORY ABROAD-<\/p>\n

The Epstein files are still taking Washington, DC by storm<\/strong>, pushing even US President Trump to walk back his earlier stance and call for Republicans to release the full stack of documents to the public. Trump\u2019s call comes amid wide defection in the ranks of the House\u2019s Republicans who were poised to vote in favor of a bill to release the files.<\/p>\n

The heat is intensifying against names mentioned in the batch released days before<\/strong>, with former US Treasury secretary and ex-Harvard president Larry Summers announcing yesterday he\u2019ll step back from public commitments to take responsibility for his \u201cmisguided\u201d actions. (Financial Times<\/a> | CNBC<\/a> | CNN<\/a>)<\/p>\n

CLOSER TO HOME- The UN Security Council passed a resolution endorsing Trump\u2019s <\/strong>20-point ceasefire plan for Gaza<\/strong>, authorizing an international stabilization force in the enclave to demilitarize and destroy military infrastructure, and calling for a \u201cBoard of Peace\u201d to govern Gaza in a transitional period and oversee reconstruction and economic recovery.<\/p>\n

Hamas rejected the resolution<\/strong>, saying it \u201cdoes not meet the level\u201d of Palestinian political and humanitarian demand, and \u201cimposes a mechanism to achieve the occupation\u2019s objectives.\u201d (Associated Press<\/a> | Washington Post<\/a> | Reuters<\/a>)<\/p>\n

ALSO WORTH NOTING THIS MORNING-<\/strong><\/p>\n