{"id":117771,"date":"2026-06-02T00:00:00","date_gmt":"2026-06-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/?p=117771"},"modified":"2026-06-02T03:03:08","modified_gmt":"2026-06-02T03:03:08","slug":"this-morning-petrofac-sells-uae-unit-to-us-uk-players-alec-clinches-construction-contract-for-the-sphere","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2026\/06\/02\/this-morning-petrofac-sells-uae-unit-to-us-uk-players-alec-clinches-construction-contract-for-the-sphere\/","title":{"rendered":"THIS MORNING: Petrofac sells UAE unit to US, UK players + Alec clinches construction contract for The Sphere"},"content":{"rendered":"

Good morning, frien<\/strong>ds. <\/strong>We have an M&A-heavy issue this morning, as we take a look at two major acquisitions: Uber\u2019s acquisition of a portion of e&\u2019s stake in Careem (which could, down the line, turn into a full acquisition) and Abu Dhabi\u2019s Cricket & Sports Hub\u2019s acquisition of majority control of the T10 competition. <\/p>\n

We dive into why cricket is actually an interesting wager for Abu Dhabi<\/strong> \u2014 by virtue of both its massive South Asian expat community and the sport\u2019s growing appeal \u2014 and why the Uber acquisition comes at an interesting time for the firm, in the news well below. <\/p>\n

There\u2019s also Abu Dhabi Investment Authority backing Israeli-founded and London-headquartered insurtech Sapiens<\/strong>, and news that Emaar\u2019s Mohamed Alabbar and Abu Dhabi\u2019s International Holding Company are both in the running for a potential acquisition of the now-troubled food producer IFFCO Group. <\/strong><\/p>\n

BUT BE<\/strong>FORE WE DIVE IN- Here\u2019s whe<\/strong>re ceasefire negotiations between the US and Iran <\/strong>currently stand: <\/strong>After Tehran said it suspended negotiations<\/a> with Washington due to Israel\u2019s recent ramp up of its assault on Hezbollah in Lebanon, US President Donald Trump claimed<\/a> that he brokered a truce after talks with Tel Aviv and the Iran-backed group, and that US-Iran negotiations are progressing<\/a> at a \u201crapid pace.\u201d Lebanon later announced<\/a> a partial ceasefire, despite reports of ongoing strikes by Hezbollah. <\/p>\n

Attacks continued to target the region yesterday: <\/strong>Iranian missiles targeted US forces in Kuwait yesterday. The missiles were intercepted<\/a> with no injuries reported. This came after the US targeted<\/a> Iranian radar and command and control sites on Saturday and Sunday. <\/p>\n

WEATHER- It\u2019s another hot summer day<\/strong> in both Dubai and Abu Dhabi, with a high of 39\u00b0C and lows between 30-31\u00b0C, according to our favorite weather app. <\/p>\n

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<\/p>\n

Earning well is not the same as investing well \u2014 and for most mid-level executives and entrepreneurs, the gap between the two is wider than they\u2019d like to admit. The financial landscape has shifted. Regional markets are opening up, AI is rewriting how portfolios get managed, and Real Estate Investment Trusts (REITs) are entering the conversation.<\/p>\n

And the questions that used to feel straightforward \u2014 buy or rent, fund the startup or play it safe, finance the car now or wait it out \u2014 are harder to answer than ever.<\/p>\n

In Issue 2 of EnterpriseAM Money Matters, we get into the decisions that don\u2019t have easy answers, because at this stage, playing it safe is the riskiest move you can make.<\/p>\n

Tap or click here to subscribe to the Egypt edition<\/a>, delivered to your inbox Wednesday, June 3.<\/p>\n

Watch this space <\/p>\n

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

<\/a> ENERGY \u2014 <\/strong>UK<\/strong>-based energy services company Petrofac has completed<\/strong> the <\/strong>sale of its UAE unit, Petrofac Emirates<\/strong>, to a consortium led by US investment firm Mason Capital Management and London-based hedge fund manager Pearlstone Alternative, according to a press release<\/a>.<\/p>\n

The plan: <\/strong>The UAE business, which houses Petrofac\u2019s core engineering and construction operations in the Emirates, will now operate as a standalone company under new ownership with a clean balance sheet. Petrofac\u2019s UAE operations include a USD 1.2 bn Adnoc gas expansion<\/a> on Das Island, a compressor plant<\/a> at Habshan, and a carbon-capture facility. <\/p>\n

BACKGROUND<\/strong>- <\/strong>Last March<\/a>, Petrofac agreed to sell Petrofac Emirates to the Mason-led consortium as part of a broader restructuring plan aimed at stabilizing the group following mounting debt. Last November<\/a>, its UAE operations were reported to be \u201ccontinuing as normal\u201d despite Petrofac itself carrying USD 4 bn of debt, recording years of losses, and suffering from the fallout of a bribery case years earlier. It filed for administration<\/a> for its international operations to support its restructuring and M&A plans.<\/p>\n

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<\/a> INFRASTRUCTURE \u2014 Final puzzle piece in place for <\/strong>t<\/strong>he Sphere: <\/strong>Dubai-based construction firm Alec was awarded the construction of Sphere Abu Dhabi, which will open on Yas Island in 2029, in a contract valued at USD 1.7 bn, the firm said in a bourse disclosure (pdf)<\/a>. <\/p>\n

BACKGROUND- <\/strong>The highly anticipated venue will be located<\/a> between Seaworld Abu Dhabi and Yas Mall, according to recent statements from Mohamed Khalifa Al Mubarak, chairman of Abu Dhabi\u2019s Culture and Tourism Department. It will match<\/a> the 20k-seat capacity of the Las Vegas original, with DCT Abu Dhabi overseeing funding and construction. Sphere Entertainment will provide tech expertise, operational support, and creative content, earning annual fees once the arena opens.<\/p>\n

<\/a> IHC + Alabbar eye struggling IFFCO: <\/strong>Abu Dhabi\u2019s International Holding Company and Dubai b\u2019naire Mohamed Alabbar are among those circling troubled UAE-based food producer IFFCO Group as the company struggles under roughly USD 2 bn in debt and mounting insolvency pressure, Bloomberg<\/a> reports, citing people it says are familiar with the matter.<\/p>\n

Where we\u2019re at: <\/strong>Currently, it\u2019s still in the early stages with no formal bids made. However, Alabbar said that he had sent letters to IFFCO\u2019s board and creditor banks expressing interest in acquiring the entire business. The assets could be valued at several bn USD.<\/p>\n

The possible target: <\/strong>IFFCO\u2019s brands span food production, packaging, chemicals, and logistics, and it has a presence across roughly 50 countries. It\u2019s an especially attractive target for Emirati investors, with several manufacturing facilities in the UAE making it a key element in the Emirates\u2019 food supply chain, which could come under strain<\/a> due to the war. A takeover by Alabbar would see IFFCO added to his portfolio, which also includes Americana Restaurants.<\/p>\n

Any serious move would likely depend on how court proceedings tied to IFFCO\u2019s future play out in the coming months. <\/strong>IFFCO\u2019s creditors include HSBC and Emirates NBD, with a creditor group recently filing for insolvency in May<\/a> after restructuring talks failed last autumn<\/a>.<\/p>\n

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<\/a> A<\/strong>I \u2014<\/strong> More<\/strong> Emirati-French AI cooperation? <\/strong>Abu Dhabi AI investor MGX and French state-owned investment firm Bpifrance have plans to expand their AI data center campus \u2014 set to be Europe\u2019s largest \u2014 with a EUR 7.5 bn investment ticket, Reuters<\/a> reports. The expansion would boost capacity to 3 GW, up from the 1.4 GW initially planned, as France looks to position itself as an AI hub, according to Sifted<\/a>.<\/p>\n

ICYMI- <\/strong>Construction for the first phase is set to begin in 2H this year, with operations slated to begin in 2028 under a massive EUR 8.5 bn investment framework. The UAE had previously signaled plans to invest USD 30-50 bn<\/a> in French AI and data infrastructure, and MGX itself has ambitions to deploy as much as USD 10 bn<\/a> annually in AI investments.<\/p>\n

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SPORTS \u2014 G<\/strong>ulf United brings on Iniesta as head coach:<\/strong> Former Barcelona midfielder Andres Iniesta has joined Gulf United FC as head coach, according to a press release<\/a>. Iniesta \u2014 who last played with Emirates Club FC before retiring in 2024 \u2014 has secured his A Licence and is in the process of getting a Pro Coaching Licence.<\/p>\n

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PSA<\/p>\n

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

Government <\/strong>employees in Ajman will have more flexible leave and<\/strong> working hours as of 1 September <\/strong>under a new human resources law<\/a> issued by Ajman\u2019s ruler Sheikh Humaid bin Rashid Al Nuaimi. The law introduces reduced working hours for select groups \u2014 including employees with disabilities, pregnant employees experiencing fatigue, and family caretakers with five or more children under 18 \u2014 as well as additional annual leave for newlyweds, family caretakers, people with disabilities, and entrepreneurs.<\/p>\n

The law also introduces new employment perks<\/strong>, including promotions of up to three job grades for exceptional talent and high-performing employees, alongside a new Good Service Award bonus for Emirati staff.<\/p>\n

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The big story abroad<\/p>\n

AI news is leading the conversation in the business pages this morning: <\/strong>Anthropic has confidentially submitted<\/a> paperwork for its IPO which could happen as early as this fall, potentially putting the startup ahead of OpenAI and its listing schedule. The Claude maker did not disclose the number or price of shares to be offered.<\/p>\n

Another tech player is looking to raise funds for AI investment: <\/strong>Alphabet will sell<\/a> USD 80 bn worth of stock to fund investments in computing infrastructure to meet customer demand for AI products. The company intends to source the funds via underwritten offerings, a USD 10 bn investment from Berkshire Hathaway, and selling Class A and Class C shares.<\/p>\n

A new strategy for the golden arches? <\/strong>McDonald\u2019s has launched<\/a> its new growth strategy to attract diners, which will include higher-quality food, restaurant upgrades, consumer-led innovation, and improved customer service. The strategy comes at a time where consumers are demanding more value for their money and competitors upgrade their offerings, CEO Chris Kempczinski said<\/a>.<\/p>\n

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Check out our full calendar on the web<\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"

Plus: Both IHC and Alabbar are eyeing struggling 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