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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.

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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
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Jennifer Aguinaldo

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