Abu Dhabi National Oil Company has created a new subsidiary to monitor the debt market and explore potential funding opportunities.
Adnoc Murban will become the primary debt capital markets issuing and rated entity for the company, it said in a statement on Tuesday.
Adnoc Murban is rated “AA” by S&P, “Aa2” by Moody’s Investor Services and “AA” by Fitch Ratings, aligned with those assigned to Adnoc’s shareholder, the emirate of Abu Dhabi.
AA and Aa2 are of high-quality ratings, which indicate the company's strong capacity to meet its financial commitments.
“These strong ratings reflect Adnoc’s conservative and robust financial profile, resilient operations, and the low cost and low carbon intensity of Adnoc Murban’s onshore production," Adnoc said.
Separately, Adnoc has requested the withdrawal of its group-level credit rating, first assigned by Fitch in February 2019, because of the establishment of Adnoc Murban as its primary capital markets issuing and rated entity.
Sovereign borrowers, government-related entities and corporate issuers are tapping into international debt markets to take advantage of low interest rates prevailing globally. Abu Dhabi Ports raised $1 bllion through the issuance of a 10-year bond last year. First Abu Dhabi Bank and other regional financial institutions and corporate borrowers also issued bonds in 2021.
The establishment of the new unit comes as the state oil producer aims to significantly increase its investment in hydrocarbons to raise its output capacity to five million barrels per day by 2030. It has awarded contracts to various companies to increase its production.
Last month, Adnoc's board approved plans to spend Dh466 billion ($126.88bn) between 2022 and 2026 to expand its upstream production capacity and downstream portfolio, as well as its low-carbon fuels business and clean energy ambitions.
It also revealed a significant increase in national reserves of four billion stock-tank barrels (STB) of oil and 16 trillion standard cubic feet of natural gas.
These additional reserves increase the UAE’s hydrocarbon reserves base to 111 billion barrels of oil and 289 trillion standard cf of natural gas, Adnoc said.
Adnoc raised more than $1.1bn from an 11 per cent sale of shares in its drilling unit through an initial public offering last year.
The oil producer is also set to become a shareholder in Abu Dhabi's clean energy company Masdar, along with Taqa, in the coming months as the UAE develops new renewable energy projects to cut emissions.
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
UAE currency: the story behind the money in your pockets
LEADERBOARD
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What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
The five pillars of Islam
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Motori Profile
Date started: March 2020
Co-founder/CEO: Ahmed Eissa
Based: UAE, Abu Dhabi
Sector: Insurance Sector
Size: 50 full-time employees (Inside and Outside UAE)
Stage: Seed stage and seeking Series A round of financing
Investors: Safe City Group