meed-logo

line1 line2 line3
SIGN IN / REGISTER

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

Register for MEED's guest program now to access this article.

Click here to register
Exclusive from Meed
Related Articles
  • Contractor wins Dammam airport water infrastructure deal

    1 October 2026

    Saudi Arabia-based Alkhorayef Water & Power Technologies has won an SR80m ($21.3m) contract to rehabilitate water and wastewater infrastructure at King Fahd International airport in Dammam in the kingdom’s Eastern Province.

    The contract was awarded by Dammam Airports Company (DACO), and work is scheduled to be completed within 18 months, the firm said in a disclosure to the Saudi Exchange (Tadawul) on 29 September.

    The scope covers the design, construction, supply, installation, replacement, rehabilitation and integration of water and wastewater infrastructure.

    It includes pumps, storage tanks and reservoirs, reverse osmosis facilities, piping and tie-ins, as well as electrical and instrumentation works.

    The award comes as DACO advances a wider programme of investment at King Fahd International airport.

    DACO signed more than SR1.2bn ($320m) in agreements in June covering airport infrastructure, including a new power station, a medium-voltage distribution network and upgrades to the existing electrical grid. 

    In September, it also appointed WSP Middle East, the regional arm of Canadian engineering firm WSP, to develop the airport’s expansion under its masterplan.

    The expansion is intended to increase annual passenger capacity to more than 19.3 million by 2030, with a longer-term target of 32 million passengers. 

    https://image.digitalinsightresearch.in/uploads/NewsArticle/20169118/main.jpg
    Mark Dowdall
  • Kuwait tenders LNG project

    1 October 2026

     

    State-owned Kuwait Integrated Petroleum Industries Company (Kipic) has tendered a project to develop a reliquefaction unit at the Al-Zour liquefied natural gas (LNG) import terminal.

    The project focuses on developing a boil-off gas (BOG) unit at the terminal, with bids due on 22 December.

    A meeting for contractors to discuss the project is scheduled for 18 October.

    The project scope includes engineering, procurement and construction works, along with pre-commissioning, commissioning and performance testing services.

    The list of prequalified companies is:

    • Fluor (US)
    • GS Engineering & Construction (South Korea)
    • Tecnicas Reunidas (Spain)
    • Larsen & Toubro (India)
    • Hyundai Engineering (South Korea)
    • CTCI Corporation (Taiwan)
    • Daewoo Engineering & Construction (South Korea)
    • Hyundai Engineering & Construction (South Korea)
    • Saipem (Italy)
    • Samsung Engineering (South Korea)
    • Sinopec Engineering (China)
    • JGC Holdings (Japan)
    • KBR (US)
    • China National Petroleum Corporation (China)
    • Technip (France)

    A BOG unit at an LNG facility captures, compresses and processes natural gas vapours that evaporate from cryogenic storage tanks, enabling the gas to be recycled back into the system rather than flared.

    In April, MEED revealed that contractors expected the project to be worth about $200m.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/20168625/main2005.jpg
    Wil Crisp
  • Riyadh approaches contractors for 2km tower

    1 October 2026

     

    Register for MEED’s 14-day trial access 

    Saudi Arabia’s Public Investment Fund (PIF) has reached out to contractors as part of a market-sounding exercise for the construction of the proposed 2-kilometre megatall tower project.

    MEED understands that a PIF subsidiary, the Tower District Real Estate Development Company, is undertaking the process.

    It is understood that several experienced international contractors, as well as some prominent local contractors, have been approached.

    The latest development follows PIF receiving offers in June last year from firms seeking a contract to provide project management consultancy (PMC) services for a new central business district (CBD) on the outskirts of Riyadh, which includes the proposed 2km tower.

    The PMC role covers both the tower and the surrounding district.

    Firms understood to have been invited to bid include US-based Aecom, Jacobs, Parsons and Turner, as well as the UK’s Mace.

    UK-based Foster & Partners is working as the architect for the tower after winning a design competition launched in late 2022.

    Record breaker

    The proposed tower would be more than double the height of the world’s tallest building, Dubai’s Burj Khalifa, which stands 828 metres tall. It is expected to be at least several hundred metres taller than the 1,000-metre-plus tower under construction in Jeddah.

    Contractors that have priced megatall towers in the region say a 2km-tall structure could cost about $5bn to construct, depending on the final design.

    The 2km tower and the surrounding CBD – known as Project Rise – sit within a larger masterplanned development to the north of Riyadh called the North Pole.

    MEED’s October 2026 report on Saudi Arabia includes:

    > COMMENT: Saudi projects hold steady
    > GOVERNMENT: Riyadh looks to reset its regional defence outlook
    > ECONOMY: Conflict bolsters case for Saudi economic diversification
    > BANKING: Saudi lenders readjust to lower lending and deposit climate
    > UPSTREAM: Aramco upstream spending gathers pace
    > DOWNSTREAM: Sabic steps up Saudi petchems investment
    > POWER: Saudi Arabia’s power award activity slows
    > WATER: Saudi water sector hits sharp slowdown
    > CONSTRUCTION: Saudi construction defies the headwinds
    > TRANSPORT: Saudi infrastructure pushes forward amid conflict
    > DATABANK: Saudi data indicates project spending shift

    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/20156496/main.jpg
    Yasir Iqbal
  • Singapore’s Temasek plans Middle East expansion

    1 October 2026

    Singapore’s Temasek plans to open offices in Riyadh and Abu Dhabi early next year as it targets investment and partnership opportunities in Saudi Arabia, the UAE, Qatar and the wider region.

    The state-owned investor had a net portfolio value of S$518bn ($401bn) as of 31 March 2026.

    It said the new offices will serve as regional hubs for Temasek and its portfolio companies, with some businesses expected to co-locate to work more closely with partners and pursue deals alongside the group. The openings are subject to regulatory approvals.

    Temasek said it will also step up engagement with institutions in Qatar, although it has not announced plans to establish an office there.

    The company said the expansion reflects its confidence in the region’s long-term fundamentals and the economic transformation being driven by national diversification programmes.

    It added that a presence in Riyadh and Abu Dhabi will also support investment activity beyond the region by improving access to opportunities across the wider Middle East, Central Asia and Africa.

    Several Temasek-owned or Temasek-backed companies are already active in the GCC, providing a platform for the group’s planned expansion.

    These include Singapore-headquartered engineering and consultancy firm Surbana Jurong, which has been involved in masterplanning and advisory work on major regional developments, alongside other portfolio companies with interests spanning infrastructure, logistics, financial services and technology.

    According to data from regional project tracker MEED Projects, Surbana Jurong is involved in several major projects in Saudi Arabia, including Red Sea Global’s Amaala masterplan, the Trojena dams scheme, Oxagon, King Salman International airport and Saudi Arabia Railway’s North-South Phosphate Railway 3.

    The firm has also worked on projects in the wider region, including the West Link project, Etihad Rail’s high-speed rail programme and Abu Dhabi airport’s Midfield Terminal.

    Surbana Jurong has also secured masterplanning contracts from Abu Dhabi’s Department of Municipalities & Transport and Abu Dhabi Ports.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/20157511/main.jpg
    Yasir Iqbal
  • Aldar and Arada to pursue Abu Dhabi projects

    1 October 2026

    UAE-based developers Aldar Properties and Arada have signed a partnership agreement targeting about AED15bn ($4bn) in development opportunities on Yas Island and in Abu Dhabi’s Seih Sdeirah.

    The deal includes a masterplan joint venture to develop a mixed-use community at Seih Sdeirah, on the Abu Dhabi-Dubai border, and Arada’s purchase of three residential plots on Yas Island from Aldar.

    The Seih Sdeirah project will cover up to 1.5 million square metres (sq m) and will include villas, townhouses, and retail and leisure facilities.

    Arada will lead development and construction management, while both firms will jointly brand and market the community.

    On Yas Island, Arada has bought two canal-facing plots totalling more than 27,500 sq m, with nearly 130,000 sq m of gross floor area, as well as a third residential plot.

    Aldar said the companies will explore further collaboration across sectors and locations in the UAE.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/20156829/main.jpg
    Yasir Iqbal