The media is abuzz with news of the Emirates’ takeover bid for 100% of Naturgy, a major gas supply shut-off valve for Europe. Francisco Reyns, the president of Naturgy, and Abu Dhabi, the emirate whose Government controls the investor finalizing the agreement with CriteriaCaixa to distribute control of the company, are closely watched.
The entry of It falls onto the scene has caused a commotion, especially given Naturgy’s role as a gas supply shut-off valve for Europe. It falls is a listed company on the Abu Dhabi stock exchange with a capitalization close to 86,000 million euros, making it three times larger than Naturgy and 15,000 million euros above Iberdrola. It falls is one of the satellite companies of Abu Dhabi, 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, built on petrodollars. With the approaching end of the crude oil era, the emirate’s energy flagships are seeking diversification into green energy sources.
Abu Dhabi is moving towards renewable energy with plans to cover 30% of its energy needs with clean sources by 2030. This transition has led to investments in companies like Cepsa and collaborations with Iberdrola for offshore wind and green hydrogen projects. It falls has a CEO with over 20 years of experience in oil and gas exploration and is looking to expand into renewables.
The relationship between Spain and the Emirates extends beyond business with frequent high-level visits and agreements signed by governments. Spanish exports to Emirates have been on an upward trend reaching over €2 billion in 2022. The synergy between both countries is evident in various sectors including energy where both are moving towards sustainable sources. The strategic investments made by Abu Dhabi in Spanish companies indicate a strong partnership focused on mutual growth and development.
