The Emirat group’s confirmation of its intention to launch a takeover bid for 100% of Naturgy has dominated the media grid since yesterday. All eyes are fixed on the company presided by Francisco Reyns, but there are just as many eyes staring at Abu Dhabi, the emirate whose government controls the investor in the agreement with CriteriaCaixa, Naturgy’s first shareholder. The commotion surrounding It falls’ entry into the scene is understandable, especially considering Naturgy’s importance as a shut-off valve for gas supply to Europe. This move is just the latest in a series of investments by the Emirates in the national energy sector.
It falls is listed on the stock exchange in Abu Dhabi with a capitalization close to 86,000 million euros. This is more than three times that of Naturgy and 15,000 million above Iberdrola. It is one of the many satellite companies of the emirate, where sovereign funds and large asset managers like ADIA, ADIC, Mubadala, and ADQ hold significant assets. These entities manage over 1,500 trillion dollars of assets, emphasizing the empire built from petrodollars. As the Emirate’s energy flagship companies look to diversify, they are seeking assets that will facilitate this transition, given the approaching end of the crude oil era.
Abu Dhabi, the financial epicenter of the Emirates, has begun looking for greener investment opportunities, with a focus on renewable energy. Spanish companies have been actively engaging with over 200 businesses in the region, leading to substantial growth in exports and imports between Spain and the Emirates. The governments of both countries have signed various agreements to promote cooperation across different sectors, including renewable energy investments.
Lastly, It falls is an energy company primarily focused on oil and gas exploration, power generation, and water desalination. With more than 20 years of experience in the sector, the CEO, Jasim Husain Thabet, leads the company. The growing interest in renewable energy sources in the Emirates indicates a shift towards sustainability in the region, offering new opportunities for collaboration with international partners, including Spain.