Abu Dhabi’s ADQ completes Plenary 49% stake purchase

24 February 2025

Abu Dhabi-headquartered ADQ has completed the acquisition of a 49% stake in Australian infrastructure investor and developer Plenary Group.

The Abu Dhabi-based critical infrastructure-focused sovereign investor announced the planned acquisition in April last year,  including all shares owned at the time by the Canadian pension fund Caisse de Depot et Placement du Quebec.

The transaction marks the first major inbound investment from the UAE into an Australian company since the signing of the Australia-UAE Comprehensive Economic Partnership Agreement, ADQ said in a statement.

The investment significantly strengthens Plenary’s balance sheet, accelerating growth in key markets in Australia and New Zealand, including prospective projects such as Hobart Stadium, Brisbane 2032 Olympics infrastructure, energy transmission, social and affordable housing and transport infrastructure.

The investment also positions Plenary to expand its presence in other priority regions, including the Middle East, Asia, the UK, Ireland and Europe, said ADQ.

As part of the agreement, Plenary and ADQ have established a co-development and investment platform, Plenary Middle East, which will focus on public and social infrastructure opportunities in high-growth regions in the Middle East and Central Asia.

Plenary remains majority-owned and controlled by its Australian founders and senior management team, maintaining operational independence as it continues to develop and invest in long-term infrastructure and real assets.

Plenary, in partnership with other firms, has won several public-private partnership (PPP) contracts in the UAE since 2022.

A consortium comprising Belgium’s Besix and Plenary won a contract to develop the Zayed Schools PPP project in May of that year. The scheme involved the development of three schools with a capacity of over 5,000 students from kindergarten to grade 12. Construction works on the project were completed last year.

In July 2024, the Abu Dhabi Investment Office (Adio) appointed a team of Plenary, Besix and the local Mazrui International for a contract to develop and operate a 3,250-bed student accommodation complex and associated facilities at Khalifa University in Abu Dhabi. 

Plenary is also part of a consortium that is understood to be planning to bid for the first two packages of the $22bn Dubai Strategic Sewerage Tunnels project.  

Another Australian infrastructure developer and investor is also expected to enter the Middle East region.

MEED recently reported that PPP projects in the Middle East will be a key focus for Sydney-headquartered infrastructure developer and investor Capella Capital, following its acquisition by Japanese infrastructure investor Sojitz in January this year.


READ MEED’s YEARBOOK 2025

MEED’s 16th highly prized flagship Yearbook publication is available to read, offering subscribers analysis on the outlook for the Mena region’s major markets.

Published on 31 December 2024 and distributed to senior decision-makers in the region and around the world, the MEED Yearbook 2025 includes:

> GIGAPROJECTS INDEX: Gigaproject spending finds a level
https://image.digitalinsightresearch.in/uploads/NewsArticle/13418846/main3754.jpg
Jennifer Aguinaldo
Related Articles
  • Egypt seeks to accelerate gas pipeline project with Libya

    10 November 2026

    Egypt aims to accelerate a range of energy projects with Libya, including gas pipeline links, according to a statement from the Egyptian Foreign Minister Badr Abdelatty.

    Other projects include a scheme to refine Libyan crude in Egypt and an electricity interconnection.

    Abdelatty’s comments came in a ministry statement after a meeting with Libya’s acting oil and gas minister, Khalifa Abdulsadek, in the Libyan capital of Tripoli.

    Egypt is currently trying to address an energy squeeze that has escalated ​due to elevated global liquefied natural gas (LNG) prices since the ​start of the US-Israeli war on Iran in February of this year.

    In his statement, Abdelatty called ‌for ⁠cooperation on petroleum products and the completion of projects to refine Libyan oil in Egypt and re-export ​it.

    He also said that Abdulsadek would ​visit ⁠Cairo soon to continue technical talks with Egypt’s petroleum and electricity ministers.

    The ⁠statement ​did not provide ​details on costs or the status of the projects.

    Plans for new gas pipeline links with Libya are just one of several ambitious gas pipeline plans Egypt is pursuing.

    In October, the Italian oil and gas company Eni signed the main engineering, procurement, construction and drilling contracts for a project to export gas from reserves in Cyprus using a major pipeline to Egypt.

    The project includes contracts with several companies that will develop infrastructure in both Egypt and Cyprus.

    The awards included a $170m contract won by Egypt’s Petrojet for a new onshore gas pipeline in Egypt that will help transport gas to Egypt’s Damietta LNG facility.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/21273777/main.jpg
    Wil Crisp
  • Omani company signs Kuwait drilling contract

    10 November 2026

    Oman’s MBPS has signed a drilling rig contract worth $127.3m with state-owned upstream operator Kuwait Oil Company (KOC).

    Under the terms of the deal, MBPS will supply and operate three newly built 1,000-horsepower land rigs for drilling and workover operations, according to a company statement.

    The UAE-based oil field services company Adnoc Drilling is a majority shareholder in MBPS.

    The chief executive of MBPS, Salim Al-Harthy, said: “This is another important milestone for MBPS and a strong reflection of KOC’s confidence in our capabilities.

    “It further strengthens our presence in Kuwait and our commitment to delivering safe, reliable and efficient drilling and workover services across the region.”

    He : “My sincere appreciation to KOC for their continued trust, and to our MBPS team for their hard work and dedication in making this possible.”

    In October last year, KOC said it planned to spend KD1.2bn ($3.92bn) on its exploration drilling programme through 2030.

    The spending was part of a KD9.8bn budget, the company’s biggest ever, allocated for drilling and maintenance of up to 6,193 wells by the end of this decade.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/21273731/main.png
    Wil Crisp
  • Aramco-backed firm tenders logistics hub expansion

    9 November 2026

     

    Asmo, the logistics joint venture of Saudi Aramco and DHL Supply Chain, has set a 15 November deadline for a contract to expand the logistics complex at King Salman Energy Park (Spark) in Saudi Arabia’s Eastern Province.

    The logistics hub will add over 124,000 square metres (sq m) at Spark.

    Al-Khobar-based engineering firm House of Consulting Office is the project consultant.

    The tender for the expansion works comes shortly after Asmo awarded an estimated SR820m ($218m) contract to build the logistics complex’s first phase in May this year.

    The overall project will feature a 43,000 sq m, temperature-controlled Grade A warehouse; more than 3,000 sq m of offices and staff amenities; 5,300 sq m dedicated to chemicals storage; and an open yard covering about 1.2 million sq m.

    Asmo signed an agreement with Bahrain‑headquartered Arcapita Group Holdings in February to deliver the project at Spark.

    Planned for large-scale industrial use, the site is expected to incorporate advanced warehouse and building management systems, end-to-end digital connectivity, automation and robotics.

    It will also be developed in line with internationally recognised sustainability standards, featuring solar photovoltaic readiness, electric-vehicle charging infrastructure and a target of Leed Gold certification.

    The development aims to support the next stage of Saudi Arabia’s logistics and supply chain expansion.

    Under the deal structure, Arcapita will provide funding and retain ownership of the asset, while Asmo will develop the facility and then lease and operate it under a 22-year occupational lease.

    According to a statement, “the scheme will be executed via a forward-funding model, underscoring a long-term commitment to national infrastructure”.

    Asmo added that this will be its first purpose-built logistics centre and one of four strategic locations planned to anchor its nationwide logistics network, aligned with the National Transport and Logistics Strategy under Saudi Vision 2030.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/21267403/main.gif
    Yasir Iqbal
  • Prequalification begins for multibillion-dollar Dubai road

    9 November 2026

     

    Dubai’s Roads & Transport Authority (RTA) has begun prequalifying contractors for a design-and-build contract for a multibillion-dollar new road that will run parallel to Sheikh Zayed Road.

    Contractors have until 30 November to submit their prequalification statements.

    The latest development follows contractors’ expressions of interest for the project on 10 October, as MEED reported.

    The project’s scope covers about 30 kilometres (km) of works. These include about 15km of viaduct along First Al-Khail Street and more than 14.5km of bridge ramps, along with other associated infrastructure works.

    The project is another significant initiative aimed at alleviating pressure on the existing Sheikh Zayed Road section from Hadiqa Street to Hessa Street.

    Dubai has previously explored bold concepts to expand capacity on Sheikh Zayed Road, including proposals to introduce double-decker sections to add extra lanes without widening the existing corridor.

    The idea was discussed in the context of rising congestion and limited right-of-way along one of the city’s busiest arterial roads, with elevated decks potentially carrying through traffic while existing at-grade lanes served local access.

    The plans ultimately became standalone schemes, with subsequent efforts focusing instead on corridor-wide upgrades, interchange improvements and complementary public transport expansions to manage demand more sustainably.

    The latest project aligns with Dubai’s continued investment in upgrading and expanding its road network to keep pace with rapid population growth and rising commuting demand.

    Planning for growth

    Dubai launched the 2040 Urban Master Plan in March 2021, referencing studies indicating that the emirate’s population will reach 5.8 million by 2040, up from 3.3 million in 2020. The daytime population is set to increase from 4.5 million in 2020 to 7.8 million in 2040.

    In December 2022, Sheikh Mohammed Bin Rashid Al-Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, approved the 20-Minute City Policy as part of the second phase of the Dubai 2040 Urban Master Plan. 

    In addition to the road projects, the RTA’s Dubai Metro Blue Line extension and Dubai Metro Gold Line form part of Dubai’s plans to improve residents’ quality of life by cutting journey times, as outlined in the policy.

    The policy aims to ensure residents can meet 80% of their daily needs within a 20-minute journey, on foot or by bicycle. This goal will be achieved by developing integrated service centres with all necessary facilities and increasing population density around mass transit stations.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/21266194/main.gif
    Yasir Iqbal
  • Contractor begins early works on Ardara’s AlWadi project

    9 November 2026

    Saudi Arabia’s Shibh Al-Jazira Contracting Company (Sajco) has started early construction works on the first cluster of its AlWadi mixed-use development in Abha.

    Ardara, backed by the sovereign wealth vehicle the Public Investment Fund (PIF), is developing the AlWadi project.

    Sajco will carry out sewerage works, while local engineering firm Dar Al-Riyadh will provide project management and supervision services for the infrastructure works.

    The AlWadi project will cover 2.5 million square metres (sq m) and will be developed around architectural styles informed by the heritage and character of the Aseer region.

    The masterplan has a planned gross floor area of about 2.02 million sq m. It includes 7,306 apartments, 90 villas and townhouses, and 2,783 hotel keys.

    The scheme will also provide 154,082 sq m of retail and food and beverage space, 64,161 sq m of offices, and 59,075 sq m of leisure and entertainment facilities.

    The wider development will comprise five districts and include 16 kilometres of waterfront assets and 17km of walking, cycling and sports tracks. 

    US-based Parsons is the infrastructure designer, while Miami-based OBMI is providing architectural and public realm design services.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/21265927/main.jpg
    Yasir Iqbal