Adnoc targets gas business valuation at $50bn
23 February 2023
Abu Dhabi National Oil Company (Adnoc Group) has set the share price range of its new subsidiary company, Adnoc Gas, at AED2.25-2.43 ($0.61-0.66) for its upcoming initial public offering (IPO), implying a targeted valuation of $47bn to $50.8bn.
Adnoc Group intends to list 4 per cent of shares in Adnoc Gas on the Abu Dhabi Securities Exchange (ADX) through the IPO, which consists of about 3.07 billion shares of Adnoc Gas.
Adnoc Group expects shares of Adnoc Gas to start trading on ADX from 13 March, subject to regulatory approvals.
The subscription period runs from 23 February to 1 March for retail investors, and from 23 February to 2 March for qualified investors.
Before the IPO, Adnoc Group transferred 5 per cent of shares of Adnoc Gas to Abu Dhabi National Energy Company (Taqa). Following the stock listing, Adnoc Group will hold 91 per cent of the share capital of Adnoc Gas.
Adnoc Gas has appointed Moelis & Company as the independent financial adviser for the IPO.
First Abu Dhabi Bank and HSBC Bank have been appointed joint global coordinators. Abu Dhabi Commercial Bank, Arqaam Capital, BNP Paribas, Deutsche Bank, EFG Hermes and International Securities have been selected as joint bookrunners.
Adnoc Gas appointed First Abu Dhabi Bank as the lead receiving bank and Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank and Al-Maryah Community Bank as the receiving banks.
Adnoc Gas expects to pay shareholders $3.3bn in total dividends for the full year 2023, payable in two equal parts, one in the last quarter of this year and the other in the second quarter of 2024.
Adnoc Gas business
In late November, Adnoc announced the creation of Adnoc Gas through the merger of its subsidiaries Adnoc Gas Processing and Adnoc LNG, as well as its intention to float shares of the new company on ADX.
Adnoc Gas began operating on 1 January. The company’s executive leadership team comprises Ahmed Mohamed Alebri as acting CEO, Peter Van Driel as chief financial officer and Mohamed al-Hashemi as chief operating officer.
The consolidation of Adnoc’s gas processing and liquefied natural gas (LNG) operations into Adnoc Gas has created one of the world’s largest gas processing entities with a processing capacity of about 10 billion standard cubic feet of gas a day across eight onshore and offshore sites, and a pipeline network of over 3,250 kilometres.
“Adnoc Gas expects to benefit from projected robust, long-term demand globally through its tangible growth opportunities, in view of the projected rise in gas demand in the next 25-30 years,” Adnoc Group said in its statement.
“Adnoc Gas is advantageously located in a strategically situated corridor with easy access to the largest and growing gas markets, which offers optionality to ship products both to Asia and Europe with sales in the spot market enabling selection of an optimal supply destination,” it added.
Adnoc Gas, which benefits from access to the world’s seventh-largest gas reserves, is progressing with major projects that are set to expand its business.
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Miral commits $3.2bn Yas Island investments14 September 2026
Abu Dhabi’s Miral has announced plans to invest over AED12bn ($3.2bn) in Yas Island over the next five years.
According to a statement, the investment will fund a pipeline of new projects, as well as expansions and enhancements to existing attractions, supporting Abu Dhabi’s Tourism Strategy 2030.
The next phase of development will focus on expanding Yas Island’s theme parks and attractions, while introducing new immersive rides and experiences that reflect changing visitor expectations.
The investment will also strengthen the island’s hospitality offering through additional hotel rooms and enhancements to its overall accommodation portfolio.
The investment is separate from the previously announced Disney project.
Miral recently started the expansion works of its Harry Potter-themed expansion at the Warner Bros World Yas Island entertainment destination in Abu Dhabi.
The scope of the Warner Bros World phase two expansion includes adding 63,000 square metres (sq m) to the existing theme park.
This will include a Harry Potter-themed zone with three new rides called Diagon Alley, Hogwarts Castle and The Forbidden Forest, along with retail outlets and food and beverage facilities.
Yas Waterworld
Miral has developed a series of theme parks and other entertainment-related attractions on Yas Island, working with several local and international contractors.
In July last year, Miral opened a new 16,900 sq m expansion of its Yas Waterworld park to the public.
The expansion added 3.3 kilometres of slide sections to the park. The addition of 18 new rides and attractions, bringing the total number of rides to more than 60, is expected to increase visitor capacity by 20%.
Construction was carried out by local contractor Alec.
Disney park
The Walt Disney Company and Miral signed an agreement in May to build a Disney theme park resort on Yas Island.
Disney, which is based in the US, said the Abu Dhabi site will be its seventh theme park resort. The others are in California and Florida in the US, Paris in France, Hong Kong and Shanghai in China, and Tokyo in Japan.
In a statement, Disney noted that the UAE is located within a four-hour flight of one-third of the world’s population, making it a significant gateway for tourism. It is also home to one of the world’s busiest airline hubs, with 120 million passengers travelling through Abu Dhabi and Dubai each year.
The Disney theme park resort in Abu Dhabi will include entertainment areas, themed accommodations, dining venues and retail experiences.
In 2023, Miral opened SeaWorld Abu Dhabi, also on Yas Island. Alec was the contractor for the estimated $565m project.
In 2018, Miral opened the Warner Bros theme park on Yas Island. Belgium’s Besix was the contractor for the estimated $531m project.
Other Miral projects have included the Etihad Arena and the indoor climbing and skydive centre Clymb. Bam International of the Netherlands was the contractor for the arena and Germany’s Zublin was the contractor for Clymb.
Yas Island was launched as a project in 2006 by local developer Aldar Properties. The original centrepiece attractions were the Yas Marina Circuit, which hosts Formula 1 motor racing’s annual Abu Dhabi Grand Prix, and the Ferrari World theme park.
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Contractors prepare bids for Oxagon wastewater plant14 September 2026

Contractors are preparing to submit bids to build a wastewater treatment plant for Oxagon, Neom’s industrial cluster.
The industrial wastewater treatment package will have an initial capacity of 35,000 cubic metres a day (cm/d), supplied in modular trains of 5,000 cm/d each. A separate sanitary wastewater treatment package will have a capacity of 1,000 cm/d.
The contract is structured as a design-build-operate project and covers the supply, installation and commissioning of industrial and sanitary wastewater treatment packages, as well as three years of operation and maintenance.
Bids are due on 2 October, a source close to the project told MEED.
It is understood that Neom’s water utility Enowa issued the request for proposals earlier this year. The plant is designed to provide “interim wastewater treatment” capacity for Neom’s Oxagon Industrial Quarter as industrial development in the area progresses.
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MEED reported at the time that Beijing-based PowerChina, the local Alfanar Company and Cairo-headquartered Orascom had submitted bids for the project. It is understood that these firms are also likely to participate in the latest tender.
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Saudi Arabia shuts East-West oil pipeline after drone strikes14 September 2026
Saudi Arabia has temporarily closed its 1,200-kilometre East-West pipeline after it was targeted by multiple drones launched from Iraq, disrupting one of the kingdom’s most critical energy export routes and threatening global oil supplies already strained by conflict across the region.
The Ministry of Energy said the pipeline, which connects the Abqaiq oil field in the east to the Red Sea port of Yanbu, was hit in the Riyadh and Medina regions on 12 September. Specialised teams have begun securing the facility and assessing damage. A Foreign Ministry statement said the attack resulted in injuries and “some damage that is currently being addressed”.
The closure removes about 4 million barrels a day from the global market, representing 4% of world oil supply. The pipeline’s role has become increasingly critical since the US-Iran conflict forced a near-complete shutdown of flows through the Strait of Hormuz in March.
Saudi Arabia has been using the East-West route to bypass the chokepoint, but the assault has left the kingdom dependent on substantially reduced Hormuz exports and Red Sea shipping routes now threatened by Iran-backed Houthi forces in Yemen.
Iraqi Prime Minister Ali Al-Zaidi’s office confirmed the drone strike on the East-West Pipeline originated in the Maysan province, which borders Iran. The government formally condemned the attack, announced an investigation into the Maysan operations command and dismissed its commander. No armed group has claimed responsibility, but security analysts attribute the strike to Iran-backed militias operating from Iraqi territory.
Riyadh said it was not retaliating “at this stage”, choosing instead to support Iraqi efforts to prevent further strikes from its territory.
The attack comes amid wider regional upheaval. Houthi forces have rapidly advanced along Yemen’s coast, seizing the strategic Mokha port and the Zuqar Island in the southern Red Sea, moving closer to the Bab El-Mandab strait. Saudi authorities said the group simultaneously launched dozens of drones and missiles at the southern kingdom on 11 September, striking civilian and economic targets and injuring 73 people.
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The dual disruption of both the pipeline and Red Sea shipping has compressed global energy supplies. Energy analysts warned that without pipeline repairs, oil prices could return to the $120-a-barrel peak reached earlier in the regional conflict.
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WSP wins Dammam airport expansion design works14 September 2026
WSP Middle East, the regional arm of Canadian engineering firm WSP, has won a design contract to expand King Fahd International airport in Dammam, Saudi Arabia.
Dammam Airports Company (DACO) awarded the contract.
The scope includes designing passenger terminal expansions, facility upgrades, and improvements to airport entrances and access roads.
It also covers the development of baggage-handling systems, digital services and other associated infrastructure.
The expansion works will be carried out in line with the airport’s approved masterplan, which targets serving more than 19 million passengers a year by 2030.
The plan also aims to increase air cargo capacity to more than 600,000 tonnes a year and raise aircraft operational capacity to 77 movements per hour, supported by comprehensive expansions to infrastructure, runways and general aviation facilities.
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King Fahd International airport is the kingdom’s third-largest airport by annual passenger traffic, behind Jeddah’s King Abdulaziz International and Riyadh’s King Khaled International.
DACO was formed in July 2017 to manage, operate and develop King Fahd International airport in Saudi Arabia’s Eastern Province.
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Dubai seeks contractors for multibillion-dollar road scheme14 September 2026

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Dubai’s Roads & Transport Authority (RTA) is seeking contractors to design and build a multibillion-dollar new road that will run parallel to Sheikh Zayed Road.
MEED understands that the scope covers the construction of 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 RTA floated the expression of interest notice to contractors in early September, with a submission deadline of 10 October.
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 the existing at-grade lanes served local access.
The plans ultimately progressed as 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 for residents to have 80% of their daily requirements 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.
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