UAE-Norway Investment Forum in Oslo attracts senior officials and investors

On the sidelines of His Highness Sheikh Khaled Bin Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi’s official visit to Norway, the UAE Ministry of Investment has hosted the UAE-Norway Investment Forum in Oslo.

The event brought together senior officials, investors, and entrepreneurs from various economic and business sectors in both countries, showcasing investment opportunities and highlighting the UAE’s competitive and business-friendly environment.

The forum centred on the incentives offered by the UAE’s business ecosystem, encouraging Norwegian and international companies to leverage Abu Dhabi and the UAE as a strategic hub to expand their business operations into Asia, the Middle East, and North Africa, in line with the growing global economic landscape, which is increasingly driven by knowledge and innovation in all vital sectors.

The forum also underscored the need to elevate economic, trade, and investment relations between the UAE and Norway across sectors of national priority

Participants highlighted the UAE’s competitive advantages, including its strategic location connecting global markets, advanced infrastructure, ability to attract top global talent, and a flexible legislative framework that fosters investment and offers key incentives for investors.

In his welcoming address, Mohammed Hassan Alsuwaidi, UAE Minister of Investment, stressed the importance of transitioning towards sustainable, knowledge-based economic models, highlighting that the UAE’s economic vision aligns with Norway’s focus on sustainable growth, revenue diversification and fostering an innovation-driven economy.

Other senior officials from Norway who delivered a speech included Espen Barth Eide, Minister of Foreign Affairs of Norway, and Tomas Norvoll, State Secretary, Ministry of Trade, Industry and Fisheries.

The UAE-Norway Investment Forum also featured panel discussions with senior officials and representatives from leading Norwegian companies such as Equinor, Yara and Aker ASA alongside major UAE companies including Adnoc, Masdar, and AD Ports Group.

held alongside his official visit to the Kingdom of Norway.

During the meeting, Sheikh Khaled Bin Mohamed Bin Zayed underscored the UAE leadership’s commitment to strengthening economic cooperation with its international partners.

He highlighted that investment in innovation and knowledge is a cornerstone for achieving sustainable development, noting that enhancing collaboration with Norwegian companies across key sectors will open new avenues for mutual economic growth between the two countries.

The UAE-Norway Investment Forum, taking place in Oslo, aimed to highlight available investment opportunities and strengthen trade relations between the UAE and Norway, fostering shared interests and supporting innovation and knowledge-based economic visions.

ADNH Catering announces offer price range: ADNH Catering on Monday announced the price range for the sale of its shares and the start of the subscription period for its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX).

In a press release on Monday, the company said that the offer price range had been set between AED0.91 and AED0.96 per Share, implying a market capitalisation at the time of listing of between Dhs2.05 billion (c. $557 million) and Dhs2.16 billion (c. $588 million).

Abu Dhabi National Hotels Company will make available in the Offering a part of its shareholding in ADNH Catering comprised of 900,000,000 Shares with a nominal value of AED0.10 each, representing 40% of ADNH Catering’s total issued share capital.

The subscription period started today and is expected to close on Monday, 14th October 2024, for the UAE Retail Offering and Eligible Employee Offering and on Tuesday, 15th October 2024, for the Qualified Investor Offering.

The final offer price will be determined through a book building process and is expected to be announced on Wednesday, 16th October 2024.

Admission of the Shares to trading on ADX is expected to take place on Wednesday, 23rd October 2024.

All the Offer Shares are existing shares held by Abu Dhabi National Hotels Company, a comprehensive semi-government hospitality group in Abu Dhabi, as the selling shareholder, who reserves the right to amend the size of the Offering at any time prior to the end of the subscription period at its sole discretion, subject to applicable laws and the approval of the Securities & Commodities Authority (SCA).

Clive Cowley, Chief Executive Officer of ADNH Catering, said, “We are excited to announce the start of the book building process for our IPO, a significant milestone for our company as our shareholder offers a 40% stake to local and international investors seeking to participate in the growth of a leading regional player.

With exposure to high-growth sectors such as healthcare and education, and an expanding geographic footprint in Abu Dhabi and Dubai, we also see significant potential in Saudi Arabia, especially in the Eastern Region, Jeddah, and Riyadh, where we are already making excellent progress on expanding our operations.”

In connection with the Offering, the Company and the Selling Shareholder have appointed BHM Capital Financial Services PSC, who may, to the extent permitted by applicable law, and for stabilisation purposes, effect stabilising transactions to support the market price of the Shares in each case at a higher level than that which might otherwise prevail in the open market and at a price at or below the Final Offer Price.

Up to 10% of the Offer Shares will be made available for allocation to existing shareholders of ADNH Group who apply in either the First Tranche or the Second Tranche only in priority to other applicants.

WAM