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Mubadala acquires a stake in Spanish tubular solutions business: Mubadala signed an agreement to acquire a 49% stake in Spain-based pipe manufacturer Tubacex ‘s tubular solutions business for oil and gas exploration and production (OCTG) for USD 150 mn, according to a filing (pdf) to Spain’s National Securities Market Commission CNMV.
The Abu Dhabi sovereign wealth fund will also invest in Tubacex’s new OCTG factory in Abu Dhabi as part of the agreement, the disclosure adds. The plant will provide pipe finishing and threading operations, specializing in rust and corrosion-resistant steel pipes, with operations expected to kick off by year’s end.
Mubadala has been upping its assets as of late: The state investor logged a 9.5% y-o-y rise in its assets under management to AED 1.11 tn in 2023, making it the second largest state fund in Abu Dhabi, after the Abu Dhabi Investment Authority. Mubadala increased its investments in new sectors — including AI, technology, life sciences, clean energy, and private credit — during the year, and steered investments towards North America, Asia, and Europe.
Tubacex is no stranger to the UAE: The Spanish company received its largest order back in June 2022 from the Abu Dhabi National Oil Company, which ordered some 30k tonnes of corrosion-resistant alloys OCTG solutions for gas extraction to be supplied over a decade.
OTHER MUBADALA NEWS-
Mubadala backs clean energy in the Asia Pacific region: Abu Dhabi state investor Mubadala has made its first investment in Japan’s clean energy sector, committing an undisclosed amount to Asia-Pacific investment firm PAG’s newly set up renewable energy fund PAG REN I, it said in a statement yesterday. The investment seeks to support Japan in installing 108 GW of solar capacity by 2030, and reducing carbon emissions and reliance on imported fuels in line with emission reduction targets.
About PAG REN I: The USD 550 mn fund targets investments in physical assets in Asia, with a focus on solar power in Japan, according to a statement by PAG yesterday. It includes pensions, sovereign wealth funds and fund-of-funds investors in North America, Europe and the Middle East.
