ABU DHABI: The Abu Dhabi National Oil Company (ADNOC) has picked a local bank and three foreign lenders as bookrunners for the planned initial public offering (IPO) of its retail unit that could raise $1.5 billion to $2 billion, sources said on Thursday.
The listing for ADNOC Distribution, which manages petrol stations as well as convenience stores across the UAE, comes as Abu Dhabi joins other Gulf states, such as Saudi Arabia and Oman, in privatizing energy assets.
First Abu Dhabi Bank, HSBC, Bank of America Merrill Lynch and Citigroup have been mandated for the IPO, sources familiar with the matter told Reuters.
The sources declined to be named as the matter is not public. An ADNOC spokesman declined to comment.
Bank of America Merrill Lynch, Citigroup, HSBC and First Abu Dhabi Bank also all declined to comment.
Sources had earlier told Reuters that US boutique investment bank Moelis & Co. had been hired as an adviser.
Rothschild has been picked as adviser for the flotation of ADNOC Distribution, while 10 banks were invited to pitch for a role in the IPO, Reuters reported this week.
ADNOC has no plans to list the holding company. State-owned ADNOC produces around 3 million barrels of oil per day and manages 95 percent of the UAE’s proven oil reserves and 92 percent of the country’s gas reserves.
Abu Dhabi’s ADNOC ‘hires banks for fuel retailer IPO’
Abu Dhabi’s ADNOC ‘hires banks for fuel retailer IPO’
Global investors commit more than $3bn to King Salman Park as Saudi giga-project secures new deals
RIYADH: The King Salman Park Foundation has secured more than $3.8 billion in new private-sector commitments at the MIPIM 2026 real estate conference, including a landmark $3 billion fund backed by international investors to develop a major mixed-use district in the heart of Riyadh.
According to a press release, the announcements bring total committed investment in the 17.2 sq. kilometers urban regeneration project to over $5.3 billion across five major packages.
Launched in 2019 under Saudi Vision 2030, the development is designed to be the world’s largest city park and aims to boost green space, improve quality of life, and feature over 1 million trees and extensive leisure facilities.
A $3 billion metro-connected district
The largest of the two packages, designated Package 5, will see a consortium led by Kolaghassi Development Co. deliver a residential-led district with a total built-up area exceeding 1 million sq. meters.
It will provide approximately 3,700 residential units, a K–12 school, around 300 hospitality keys and more than 100,000 sq m of Grade A office space alongside a wide variety of retail and dining offerings.
The development is supported by a Saudi-domiciled, Capital Market Authority-regulated fund managed by Mulkia Investment Co. that has attracted leading investors from the Kingdom and across the world.
Kolaghassi Development Co. will lead the project alongside Al Othaim Investment, one of the Kingdom’s real estate players, and RXR, a New York-headquartered real estate investor and operator.
“Securing investment of this scale, supported by international capital and expertise, is an important milestone for King Salman Park,” said George Tanasijevich, CEO of King Salman Park Foundation.
$850 million cultural district package
In a separate announcement, the Foundation confirmed the award of Package 4 to a consortium led by Retal Urban Development Co., with support from a fund managed by SAB Invest.
The project has a total value exceeding $850 million and will host more than 600 residential units, over 140 hotel keys, and almost 50,000 sq m of Grade A office space, alongside curated retail and food and beverage experiences.
“This opportunity reflects the maturity of Saudi Arabia’s real estate investment landscape and our confidence in culture-led, mixed-use urban destinations as a driver of sustainable returns,” said Abdullah Al-Braikan, CEO and founder of Retal Urban Development Co.
Ali Al-Mansour, CEO of SAB Invest, said the fund structure brings together “long-term capital, experienced development partners, and a shared commitment to place-making excellence” while contributing to Riyadh’s cultural vibrancy and the Kingdom’s quality-of-life ambitions under Vision 2030.
