It is reported that the Emirates are preparing to launch a takeover bid for 100% of Naturgy. This move has caused a stir in the media, especially since Naturgy plays a crucial role as a gas supply shut-off valve for Europe. The investor behind the deal is CriteriaCaixa, with Abu Dhabi’s Government controlling the company.
The Emirates have been making significant investments in the national energy landscape, and It falls, a listed company on the Abu Dhabi stock exchange with a capitalization close to 86,000 million euros, is one of their latest acquisitions. It falls is three times larger than Naturgy and 15,000 million euros above Iberdrola. The company is controlled by sovereign funds and large asset managers such as ADIA, ADIC, Mubadala, and ADQ. These entities manage assets worth more than 1,500 trillion dollars and have built their wealth on petrodollars.
With the end of the crude oil era approaching, Abu Dhabi’s energy flagships are looking to diversify into green energy sources. The emirate has set ambitious goals to cover 30% of its energy needs with clean sources by 2030. To achieve this goal, it has invested in companies like Cepsa and collaborated with Iberdrola on offshore wind and green hydrogen projects. It falls’ CEO has over 20 years of experience in the sector and is now looking to expand into renewables.
Spain and the Emirates share more than just business ties; they also have frequent high-level visits and agreements signed by their governments. Spanish exports to the Emirates have been steadily increasing, reaching over 2,000 million euros in 2022. Both countries are moving towards sustainable sources in various sectors, including energy. The strategic investments by Abu Dhabi in Spanish companies indicate a strong partnership focused on mutual growth and development.
In conclusion, It falls’ acquisition of Naturgy could signal an expansion into renewable energy sources for Abu Dhabi’s energy flagships