The office of the Abu Dhabi National Oil Co. (ADNOC), right, and Etihad Towers, center, surrounded by residential and commercialized properties successful Abu Dhabi, United Arab Emirates, connected Sunday, April 10, 2022. It is not conscionable astir the lipid accumulation that countries request to wage attraction to, but besides investments successful renewables, Alhmeri affirmed.
Christopher Pike | Bloomberg | Getty Images
Global private-equity elephantine KKR has expanded its concern with the Abu Dhabi National Oil Company, acquiring a number involvement successful ADNOC Gas Pipeline Assets.
That ADNOC subsidiary operates 38 state pipelines and 2 export terminals successful the United Arab Emirates. KKR did not disclose the worth of the woody to CNBC.
The concern follows ADNOC's 2019 oil pipelines deal with KKR and BlackRock, which opened the doorway to overseas nonstop concern crossed the region.
"This concern reflects KKR's committedness to grow partnerships and concern crossed the Middle East," said David Petraeus, spouse astatine KKR and president of the KKR Global Institute and KKR Middle East. "The region's beardown fundamentals, bold vision, and focused enactment connection progressively charismatic opportunities for planetary investors."
Earlier this year, the steadfast appointed erstwhile CIA Director Petraeus, who joined KKR successful 2013, arsenic seat of its Middle East operations and launched a dedicated concern squad led by Julian Barratt-Due.
The transaction marks different milestone successful KKR's enlargement successful the region. It acquired a involvement successful Dubai-based Gulf Data Hub, with a combined committedness from the 2 firms of much than $5 cardinal to money the enlargement of GDH's information halfway network.
The ADNOC state pipeline network, which links the company's upstream assets to home off-takers crossed the UAE, remains afloat owned and operated by ADNOC. KKR has taken a number stake, truthful ADNOC volition clasp control. KKR's involvement — acquired done its managed accounts — is structured to output semipermanent revenue, the institution said.
The determination expands KKR's implicit 16-year beingness successful the Middle East, with offices successful the UAE and Saudi Arabia. The steadfast present manages much than $90 cardinal successful infrastructure assets globally since launching its infrastructure strategy successful 2008, according to accusation connected its website.
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