Abu Dhabi sovereign wealth fund ADQ has maintained its strong growth trajectory in the first half of this year, underpinned by diversified investments spanning key sectors of the UAE capital’s economy.
ADQ is fully committed to driving value as the investment holding company, and its performance across its portfolio of assets has remained robust this year, it said on Wednesday, after its board met for the third meeting of this year.
Chaired by Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and National Security Adviser, the board also discussed ADQ’s plans to “embed a value-driven talent framework across its portfolio companies”.
The move will align talent with strategy and will help ADQ to accelerate growth and “create lasting value”, it said.
“ADQ is advancing Abu Dhabi’s economic resilience through targeted investments that align with national priorities, including food security,” said Mohamed Alsuwaidi, managing director and group chief executive of ADQ.
The board discussed updates on ADQ’s acquisition of a 35 per cent stake in Limagrain Vegetable Seeds, which was announced in June.
The transaction represented a “strategic entry into a critical segment of the global food value chain and reinforced ADQ’s role in advancing food and agriculture capabilities”, it said.
The performance of company assets across segments continued to improve this year. In transport and logistics, Abu Dhabi Airports welcomed more than 15.8 million passengers in the first half of this year, a 13.1 per cent annual increase.
At AD Ports Group, the CMA Terminal at Khalifa Port, which began commercial operations at the start of this year, hit 62 per cent utilisation year to date.
In energy and utilities, Abu Dhabi National Energy Company, better known as Taqa, completed a $1.2 billion acquisition of Spanish water management and desalination company GS Inima. Taqa's revenue grew 4.5 per cent to Dh28.4 billion ($7.73 billion) in the period.
In the health care sector, ADQ company PureHealth’s hospital network grew in the first half of this year, with outpatient visits rising 13 per cent year on year to 4.4 million and inpatient admissions increasing 7 per cent to 108,000. The UAE's largest healthcare group reported revenue of Dh13.6 billion, a 9 per cent growth, in the period.
Across real estate investments, Modon launched Wadeem, its first residential community on Hudayriyat Island, comprising more than 1,700 plots. Modon's first-half revenue more than tripled to Dh6.5 billion.
“The achievements of this quarter underscore our commitment to supporting the capital’s sustainable growth while fostering leadership and organisational excellence across our portfolio to deliver long-term value and shared prosperity,” Mr Alsuwaidi said.
