Mubadala Investment Company, Abu Dhabi’s strategic investment arm, has acquired a 49 per cent stake in the oil country tubular goods (OCTG) business of Spanish industrial solutions firm Tubacex for $200 million.
Mubadala's involvement will boost Tubacex's production of corrosion-resistant alloy (CRA) tubular solutions for gas exploration and production, a critical resource in the transition of energy, the companies said in a statement on Friday.
Tubacex's OCTG business involves the manufacturing and supply of specialised steel pipes and tubes used in oil and gas exploration and production, including drilling, casing, and tubing for wells.
Mubadala's investment also aligns with the UAE's Make it in the Emirates initiative, to support local manufacturing and industrial development as part of its Operation 300bn strategy. Launched in 2021, it aims to position the country as an industrial centre by 2031 and focuses on increasing the industrial sector’s contribution to GDP to Dh300 billion by 2031, from Dh133 billion in 2021.
“This collaboration aligns … with our efforts to support the UAE’s industrial vision which aims to accelerate the nation’s development of non-oil based growth,” said Alyazia Al Kuwaiti, executive director of UAE industries at Mubadala's investment platform.
The global OCTG market is booming and is projected to reach around $45.8 billion by 2032, from $25.3 billion last year, growing at a compound annual growth rate of 6.8 per cent, according to US-based business consulting firm Expert Market Research.
Mubadala’s partnership also supports Tubacex’s contract with Abu Dhabi state-owned energy company Adnoc, signed in 2022. The deal involved the supply of corrosion-resistant alloy OCTG solutions for gas extraction in the Middle East over 10 years.
In June last year, Tubacex signed a land lease agreement with Khalifa Economic Zones Abu Dhabi for the construction of a $100 million pipe finishing and threading plant in the UAE’s capital.
The latest deal with Mubadala also includes plans for a new corrosion-resistant alloy OCTG finishing and threading plant in the UAE capital, the statement said.
It will bolster local manufacturing capabilities and help Mubadala play a key role in securing the supply of CRA OCTG solutions for gas exploration and production, a key transitional fuel in the global energy transition, the Abu Dhabi company said.
Mubadala, which invests on behalf of the Abu Dhabi government, continues to expand its portfolio in various sectors. It has assets worth $302 billion spanning six continents.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Recent winners
2002 Giselle Khoury (Colombia)
2004 Nathalie Nasralla (France)
2005 Catherine Abboud (Oceania)
2007 Grace Bijjani (Mexico)
2008 Carina El-Keddissi (Brazil)
2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
2011 Maria Farah (Canada)
2012 Cynthia Moukarzel (Kuwait)
2013 Layla Yarak (Australia)
2014 Lia Saad (UAE)
2015 Cynthia Farah (Australia)
2016 Yosmely Massaad (Venezuela)
2017 Dima Safi (Ivory Coast)
2018 Rachel Younan (Australia)
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By committing to at least one of these daily, you can bring more gratitude into your life, says Ong.
- During your morning skincare routine, name five things you are thankful for about yourself.
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2.15pm: Handicap (PA) Dh60,000 1,200m.
Winner: AZ Dhabyan, Adam McLean (jockey), Saleha Al Ghurair (trainer).
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3.15pm: Conditions (PA) Dh60,000 2,000m.
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The specs
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Torque: 570Nm from 2,300-5,000rpm
Transmission: 8-speed dual-clutch auto
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Price: from Dh547,600
On sale: now
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Bludgeon Brothers retain the SmackDown Tag Team titles against the Usos
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When is VAR used?
• Goals
• Penalty decisions
• Direct red-card incidents
• Mistaken identity
Three ways to boost your credit score
Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:
1. Make sure you make your payments on time;
2. Limit the number of products you borrow on: the more loans and credit cards you have, the more it will affect your credit score;
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Sui Dhaaga: Made in India
Director: Sharat Katariya
Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav
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Brief scoreline:
Wales 1
James 5'
Slovakia 0
Man of the Match: Dan James (Wales)
Our family matters legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
Brief scores:
Huesca 0
Real Madrid 1
Bale 8'
The bio
Academics: Phd in strategic management in University of Wales
Number one caps: His best-seller caps are in shades of grey, blue, black and yellow
Reading: Is immersed in books on colours to understand more about the usage of different shades
Sport: Started playing polo two years ago. Helps him relax, plus he enjoys the speed and focus
Cars: Loves exotic cars and currently drives a Bentley Bentayga
Holiday: Favourite travel destinations are London and St Tropez
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Type 1 diabetes is a genetic and unavoidable condition, rather than the lifestyle-related type 2 diabetes.
It occurs mostly in people under 40 and a result of the pancreas failing to produce enough insulin to regulate blood sugars.
Too much or too little blood sugar can result in an attack where sufferers lose consciousness in serious cases.
Being overweight or obese increases the chances of developing the more common type 2 diabetes.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
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Suggested picnic spots
Abu Dhabi
Umm Al Emarat Park
Yas Gateway Park
Delma Park
Al Bateen beach
Saadiyaat beach
The Corniche
Zayed Sports City
Dubai
Kite Beach
Zabeel Park
Al Nahda Pond Park
Mushrif Park
Safa Park
Al Mamzar Beach Park
Al Qudrah Lakes
What to watch out for:
Algae, waste coffee grounds and orange peels will be used in the pavilion's walls and gangways
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Several pillars more than 20 metres high will support the structure
Roughly 15 tonnes of steel will be used
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Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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Sole survivors
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Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
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