Adnoc Distribution, the UAE’s largest fuel and convenience retailer, has completed the acquisition of a 50 per cent stake in TotalEnergies Egypt, marking the Abu Dhabi company's entry into Egypt.
The deal is expected to boost the company’s earnings before interest, taxes, depreciation and amortisation by more than 6 per cent starting from the first year after completion, Adnoc Distribution said in a filing on Wednesday to the Abu Dhabi Securities Exchange, where its shares are traded.
“We are excited with our move into a fast-growing market like Egypt, which has a significant potential in fuel retail and mobility solutions,” said chief executive Bader Al Lamki.
“Closing this transaction marks a significant milestone in Adnoc Distribution’s international growth journey, demonstrating our ability to expand in attractive international markets.”
Adnoc Distribution said last year that it would take a stake in the Egyptian fuel retailer for about $186 million and make an additional earn-out of up to $17.3 million if certain conditions were met.
TotalEnergies Egypt, which operates 240 fuel retail stations and more than 100 convenience stores, also has wholesale fuel, aviation fuel and lubricant operations.
Adnoc Distribution plans to launch its signature Oasis convenience stores in Egypt, it said, without providing a timeline.
“Egypt is the Arab world’s most populous country, with great economic potential, and we look forward to bringing our offering to this dynamic market,” said Mr Al Lamki.
The company opened 21 new stations in the UAE in the fourth quarter, taking its local network to more than 500 sites.
“TotalEnergies is pleased to be joining forces with Adnoc Distribution in Egypt. The rich experience of the leading fuel distributor in the UAE will bring substantial added value,” said Thierry Pflimlin, president of marketing and services at TotalEnergies.
Adnoc Distribution's net profit for last year surged 22 per cent as revenue rose on the back of strong growth in fuel sales.
The company's 2022 revenue jumped about 54 per cent to more than Dh32 billion, driven by higher fuel selling prices amid a rise in global crude prices.
Adnoc Distribution has also been entering new sectors.
Last month, the company and Abu Dhabi National Energy Company, better known as Taqa, said they would form a joint venture that will build and operate electric vehicle infrastructure in Abu Dhabi.
The venture, E2GO, aims to become the principal provider of EV charging points and associated infrastructure across the UAE capital.
Last month the company said it planned to reduce its carbon intensity by 25 per cent by 2030.
The move is aimed at decarbonising its operations by reducing its Scope 1 carbon emissions, which come directly from its operations, and Scope 2 carbon emissions, from the energy it uses in its operations.
Adnoc Distribution said it would install solar panels to power service stations, use biofuels in its fleet of vehicles and expand its network of EV charging stations, in addition to using eco-friendly “green concrete” in the construction of service stations.
Recently, the company converted an existing $1.5 billion term loan into sustainability-linked funding, in partnership with First Abu Dhabi Bank as environmental, social and governance co-ordinator.
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
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In 2018, the ICRC received 27,756 trace requests in the Middle East alone. The global total was 45,507.
There are 139,018 global trace requests that have not been resolved yet, 55,672 of these are in the Middle East region.
More than 540,000 individuals approached the ICRC in the Middle East asking to be reunited with missing loved ones in 2018.
The total figure for the entire world was 654,000 in 2018.
The specs
- Engine: 3.9-litre twin-turbo V8
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Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
UAE currency: the story behind the money in your pockets
Jetour T1 specs
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UAE currency: the story behind the money in your pockets
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
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