Abu Dhabi National Oil Company has agreed to purchase OCI Global’s entire stake in Abu Dhabi-listed Fertiglobe, the world’s largest seaborne exporter of urea and ammonia, for $3.62 billion.
The transaction is expected to complete in 2024, Adnoc said in a statement on Friday.
It will make Adnoc the majority shareholder in Fertiglobe, increasing its shareholding to 86.2 per cent, with 13.8 per cent remaining in free float on Abu Dhabi Securities Exchange.
Fertiglobe is the largest nitrogen fertilizer producer in the Middle East and North Africa and an early mover in sustainable ammonia, with production facilities in Egypt, Algeria and the Emirates.
Per the agreement, Adnoc will purchase Netherlands-listed OCI Global’s 50 per cent plus one share stake in Fertiglobe at a price of Dh3.20 per share.
“[The] agreement reinforces Adnoc’s long-term commitment to Fertiglobe and our continued focus on delivering growth and maximising value for the company’s shareholders,” said Khaled Salmeen, executive director, downstream, marketing and trading directorate at Adnoc.
“This important transaction supports Adnoc’s ambitious chemicals growth strategy and accelerates our plan to establish a global growth platform for ammonia and clean ammonia.”
Fertiglobe, a joint venture between Adnoc and OCI Global, produces about 6.7 million tonnes of urea and ammonia each year. Last month it completed the first shipment of certified renewable ammonia that was produced at the company’s units in Egypt.
The company is pursuing several sustainability projects, including the Egypt Green Hydrogen project in partnership with Scatec, Orascom Construction, the Egyptian Electricity Transmission Company, and the Sovereign Fund of Egypt.
It is also developing the Ta’ziz one million tonnes per annum low-carbon ammonia project, the low-carbon ammonia pilot in the UAE at Fertil and the green hydrogen project in the UAE.
Adnoc and OCI Global have also signed an initial agreement to explore future growth opportunities for ammonia imports into Europe and product distribution.
“I am confident that Fertiglobe has found its optimal long-term home, and that with Adnoc’s continued support and guidance, significant value creation and exciting growth opportunities lie ahead,” said Nassef Sawiris, vice chairman of Fertiglobe and executive chairman of OCI Global.
“OCI looks forward to continued collaboration with Adnoc which will focus on value accretive growth projects outside the Middle East.”
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Results
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7.05pm: Maiden (TB) Dh82,500 (D) 1,400m, Winner: Mnasek, Dane O’Neill, Doug Watson.
7.40pm: Maiden (TB) Dh82,500 (D) 1,600m, Winner: Grand Dubai, Sandro Paiva, Ali Rashid Al Raihe.
8.15pm: Handicap (TB) Dh87,500 (D) 2,200m, Winner: Meqdam, Sam Hitchcock, Doug Watson.
8.50pm: Dubai Creek Mile Listed (TB) Dh132,500 (D) 1,600m, Winner: Thegreatcollection, Pat Cosgrave, Doug Watson.
9.25pm: Conditions (TB) Dh120,000 (D) 1,900m, Winner: Sanad Libya, Richard Mullen, Satish Seemar.
10pm: Handicap (TB) Dh92,500 (D) 1,400m, Winner: Madkhal, Adrie de Vries, Fawzi Nass.
