Tahnoon Bin Zayed Emphasises ADQ's Vital Role In Driving Abu Dhabi's Economic Growth And Investment Expansion

H.H. Sheikh Tahnoon bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi, led a Board meeting for ADQ. As Chairman, he highlighted ADQ's crucial role in Abu Dhabi's economic growth. The focus was on leveraging regional and global investments to enhance prosperity. The Board reviewed ADQ’s financial performance for the year, confirming its positive growth trend.

The meeting also provided an overview of significant business milestones, showcasing ADQ’s active investment in essential infrastructure and global supply chains. This aligns with its strategic vision. The new board members present included H.H. Sheikh Zayed bin Hamdan bin Zayed Al Nahyan and several other distinguished individuals.

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ADQ's strategic transactions in 2024 were highlighted during the meeting. A notable investment is the US$35 billion project to transform Ras El-Hekma into a top coastal destination in Egypt. This development aims to boost Egypt's economy and tourism while strengthening UAE-North Africa investment ties.

Additionally, ADQ acquired a 49% stake in Plenary Group, an Australian leader in public-private infrastructure projects. This acquisition supports joint opportunities across key regions. The establishment of Arcera, a global life sciences company, consolidated ADQ’s pharmaceutical assets, reinforcing its commitment to supply chain strength based in Abu Dhabi.

The Board received updates on achievements within ADQ’s portfolio companies. In transport and logistics, Zayed International Airport marked its first anniversary by becoming the Middle East's fastest-growing airport by international seat capacity. It welcomed 21.7 million passengers by September 30th, 2024, a 31.2% increase from 2023.

AD Ports Group inaugurated CMA Terminals at Khalifa Port, enhancing annual container capacity by 23% to nearly 10 million TEUs. This development supports trade connectivity for the Emirate.

Energy and Utilities Expansion

In energy and utilities, Unit 4 at Barakah Nuclear Energy Plant began commercial operations, producing 40 terawatt hours of carbon-free electricity annually. It supplies 25% of the UAE’s electricity as part of the region's largest decarbonization effort.

TAQA completed acquiring SWS Holding to optimise water production and align with its net-zero strategy. Plans to expand in Saudi Arabia include two new power plants adding 3.6 gigawatts of low-carbon capacity.

Food and Agriculture Growth

Unifrutti expanded its multifruit platform globally into blueberries and avocados by acquiring Bomarea and AvoAmerica Peru. These acquisitions ensure a steady supply of premium produce worldwide, meeting consumer demand for healthy products.

The Board discussed ADQ’s five-year business plan aiming for growth targets through AI strategies that transform portfolio companies by integrating AI technologies across operations.

The Board was updated on ADQ's non-financial impact through accelerating portfolio company growth providing essential services like energy and healthcare. His Highness stressed ADQ's importance as an economic catalyst for Abu Dhabi.

Mohamed Hassan Alsuwaidi, Managing Director and CEO of ADQ, stated: "Under His Highness Sheikh Tahnoon bin Zayed Al Nahyan’s guidance, ADQ remains committed to driving strategic growth while positively impacting lives." He emphasized their dedication to advancing Abu Dhabi's economic priorities and creating enduring value through domestic and international investments.

With inputs from WAM