ADNOC attracts AED 10bn foreign investments to UAE

ADNOC attracts AED 10bn foreign investments to UAE

UAE - Mubasher: The Abu Dhabi National Oil Company (ADNOC) has reached a long-term strategic agreement with entities owned and/or advised by New York-headquartered Apollo Global Management and its subsidiaries.

Under the agreement, a consortium of institutional investors led by Apollo, one of the world's largest alternative asset managers serving investors, will invest in some of ADNOC's real estate assets worth $5.5 billion, according to a press release on Wednesday.

The partnership will enable ADNOC to benefit from the assets' rental income under a 24-year master lease agreement, explore new pools of global institutional long-term capital, and support its business and strategic growth projects.

In one of the region's largest real estate transactions, the consortium has acquired a 49% stake in  Abu Dhabi Property Leasing