Today's Edition
ABU DHABI (ALETIHAD)
Tubacex Group, a world leader in advanced industrial solutions for the energy and mobility sectors, today announced the closing of a strategic partnership with Mubadala Investment Company (Mubadala), an Abu Dhabi Sovereign Investor, in its Oil Country Tubular Goods (OCTG) business for US$200 million.
Mubadala’s strategic investment aligns with the UAE’s national program 'Make it in the Emirates', which invites investors and innovators to contribute to the country’s industry and advanced technology strategy. It also positions Mubadala as a pivotal player in securing the supply of CRA OCTG (corrosion-resistant alloy tubular solutions) tubular solutions for gas E&P, a key transitional fuel in the global energy transition.
This partnership significantly bolsters local manufacturing capabilities, aligning seamlessly with Tubacex's contract with ADNOC. This hub of innovation is designed to set new standards in the OCTG sector.
Through long-term agreements with its strategic customers, Tubacex has become a global leader in the CRA OCTG segment for exploration and production activities. This leadership will be further strengthened with the launch of its new CRA OCTG finishing and threading plant in Abu Dhabi, the first of its kind in the region.
Dr. Alyazia Al Kuwaiti, Executive Director of UAE Industries at Mubadala's Investment Platform, stated: “We are pleased to partner with Tubacex, a company with unparalleled expertise and an innovative position in the OCTG sector. Our investment philosophy is deeply rooted in partnerships and a strong commitment to our sustainable investment principles. This collaboration aligns seamlessly with our efforts to support the UAE’s industrial vision, which aims to accelerate the nation’s development of non-oil-based growth."
