Abu Dhabi-listed Adnoc Drilling will become a constituent of MSCI Indexes this month, a move that will allow the largest national drilling company in the Middle East by rig fleet size to broaden its investor base.
Adnoc Drilling will be included in the MSCI Emerging Market Index and become the 12th member of the MSCI UAE index after meeting the necessary criteria, the company said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
The inclusion will be effective post-market close on August 30.
“This milestone will allow Adnoc Drilling to further broaden and diversify its investor base and make its unique business model and return profile more visible to the global markets,” Abdulrahman Al Seiari, chief executive of Adnoc Drilling, said.
The achievement reflects the company’s “unwavering commitment” to operational safety, sustainable growth, investor focus, as well as continuous support from the shareholders, Mr Al Seiari said.
The MSCI emerging market index is tracked by investors managing trillions of dollars in assets. The benchmark is designed to measure the performance of large and mid-cap stocks across 24 emerging markets and currently has more than 1,320 constituents.
The MSCI UAE gauge is also a measurement for investment decision-making for investors in the GCC and the broader Middle East.
Its constituents include First Abu Dhabi Bank, Emaar Properties, e&, Emirates NBD, Aldar Properties and Abu Dhabi Commercial Bank.
The inclusion in MSCI’s indexes usually results in a boost to liquidity in a company’s shares as investors allocate funds to index components according to their weighting.
Adnoc Drilling said becoming a constituent of MSCI indexes will allow it “greater visibility among global investors” as it increases the credibility of the stock in financial markets.
This milestone will allow Adnoc Drilling to further broaden and diversify its investor base and make its unique business model and return profile more visible to the global markets
Abdulrahman Al Seiari,
chief executive of Adnoc Drilling
The inclusion will not only allow the flow of expected passive inflows into the stock but it will also grow interest in active institutional investors tracking MSCI indexes, the company said.
In May, Adnoc raised $935 million by selling 880 million additional shares in its drilling unit to institutional investors after recording strong demand for the offering.
The share sale, representing 5.5 per cent of Adnoc Drilling’s total issued share capital, registered robust demand from investors in the GCC as well as globally, Adnoc Drilling said at the time.
The offering increased Adnoc Drilling’s free float to 16.5 per cent, with its parent retaining a majority stake in the company.
The rise in free float allowed the company to meet all the necessary MSCI Index inclusion requirements, it said on Tuesday.
Adnoc Drilling has been actively investing in technology and infrastructure to tap into the UAE's vast unconventional hydrocarbon reserves.
Its parent company, Adnoc, which is responsible for most of the UAE's crude production, aims to reach an output capacity of 5 million barrels per day by 2027. It can already produce up to 4.85 million bpd.
Last year, Adnoc Drilling and Alpha Dhabi Holding set up a joint venture, Enersol, aiming to invest up to $1.5 billion to acquire technology-enabled companies in the oilfield services and energy sectors.
About one-third of the total planned investment has been allocated, amounting to about $500-$600 million, Mr Al Seiari told The National earlier this month, adding that the full amount will be exhausted by the end of this year or early next year.
The Transfiguration
Director: Michael O’Shea
Starring: Eric Ruffin, Chloe Levine
Three stars
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
The specs: 2018 Mercedes-AMG C63 S Cabriolet
Price, base: Dh429,090
Engine 4.0-litre twin-turbo V8
Transmission Seven-speed automatic
Power 510hp @ 5,500rpm
Torque 700Nm @ 1,750rpm
Fuel economy, combined 9.2L / 100km
Monster Hunter: World
Capcom
PlayStation 4, Xbox One
5 of the most-popular Airbnb locations in Dubai
Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:
• Dubai Marina
The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.
Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104
• Downtown
Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."
Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154
• City Walk
The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”
Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210
• Jumeirah Lake Towers
Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.
Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941
• Palm Jumeirah
Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.
Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152
Tickets
Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.
So what is Spicy Chickenjoy?
Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
Captain Marvel
Director: Anna Boden, Ryan Fleck
Starring: Brie Larson, Samuel L Jackson, Jude Law, Ben Mendelsohn
4/5 stars
Guns N’ Roses’s last gig before Abu Dhabi was in Hong Kong on November 21. We were there – and here’s what they played, and in what order. You were warned.
- It’s So Easy
- Mr Brownstone
- Chinese Democracy
- Welcome to the Jungle
- Double Talkin’ Jive
- Better
- Estranged
- Live and Let Die (Wings cover)
- Slither (Velvet Revolver cover)
- Rocket Queen
- You Could Be Mine
- Shadow of Your Love
- Attitude (Misfits cover)
- Civil War
- Coma
- Love Theme from The Godfather (movie cover)
- Sweet Child O’ Mine
- Wichita Lineman (Jimmy Webb cover)
- Wish You Were Here (instrumental Pink Floyd cover)
- November Rain
- Black Hole Sun (Soundgarden cover)
- Knockin’ on Heaven’s Door (Bob Dylan cover)
- Nightrain
Encore:
- Patience
- Don’t Cry
- The Seeker (The Who cover)
- Paradise City
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
box
COMPANY PROFILE
Company name: Letstango.com
Started: June 2013
Founder: Alex Tchablakian
Based: Dubai
Industry: e-commerce
Initial investment: Dh10 million
Investors: Self-funded
Total customers: 300,000 unique customers every month
AS IT STANDS IN POOL A
1. Japan - Played 3, Won 3, Points 14
2. Ireland - Played 3, Won 2, Lost 1, Points 11
3. Scotland - Played 2, Won 1, Lost 1, Points 5
Remaining fixtures
Scotland v Russia – Wednesday, 11.15am
Ireland v Samoa – Saturday, 2.45pm
Japan v Scotland – Sunday, 2.45pm
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
