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Dubal Holding buys into BiOD: Dubai government’s investment arm Dubal Holding — a subsidiary of sovereign wealth fund Investment Corporation of Dubai — acquired a majority stake in Dubai-based biodiesel manufacturer BiOD for an undisclosed value, Trade Arabia reports. The acquisition will see the two firms collaborate to strengthen Dubai’s green economy and enhance environmental sustainability in the energy sector.
About BiOD: BiOD produces biofuel from cooking oil and palm oil mill effluent at its second-generation biodiesel refinery, located in the Jebel Ali Freezone.
ADVISORS- UAE-based Ideal Capital acted as BiOD’s advisor on the transaction.
IN OTHER M&A NEWS-
More details on Electra’s acquisition of 20% of Elsewedy: Abu Dhabi-based electrical equipment manufacturer Electra Investment Holding, which snapped up 20% of Elsewedy Electric earlier this week, is a subsidiary of 2PointZero Group, which is in turn a subsidiary of the International Holding Company (IHC), according to an ADX disclosure (pdf). The stake will be transferred to 2PointZero today.
2PointZero? The newly set up holding company was established at the start of the year and is expected to hold the equivalent of USD 27 bn in assets — including Beltone Financial Holding, Chimera, and Lunate.
