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ADQ acquires 49% of Australia’s Plenary Group

ADQ acquires 49% of Australia’s Plenary Group
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UAE – Mubasher: ADQ, an Abu Dhabi-based investment and holding company, has entered into a partnership agreement with Plenary Group, an Australian investor and developer of public-private infrastructure projects.

Under the agreement, ADQ will acquire a 49% stake in Plenary including all the stake owned by Canadian pension fund Caisse de dépôt et placement du Québec, according to a press release.

The deal aims at accelerating Plenary’s expansion plans across Australia, the Middle East, Asia, the UK, and Europe.

Plenary and ADQ will establish a co-investment platform focused on public and social infrastructure opportunities in high-growth geographies including the GCC region, the Middle East and Central Asia.

Hamad Al Hammadi, Deputy Group CEO of ADQ, said: “This collaboration, marking our inaugural venture in Australia, underscores ADQ’s commitment to developing partnerships that complement our investment strategy, which aims to create long-term value and generate sustainable financial returns.”

“ADQ’s existing portfolio of infrastructure assets, many of which are emerging as national champions, will serve as a catalyst to leverage the significant potential of public-private partnership projects together with Plenary,” Al Hammadi added.

John O’Rourke, Chairman and Founder of Plenary Group, stated: “ADQ’s investment in Plenary will help accelerate our growth in Australia and internationally while the co-investment platform will allow us to scale our activities in the Middle East.”

“We are confident that our culture and experience, combined with ADQ’s capability and investment acumen, will allow us to seize new opportunities and establish ourselves as a leader in our growth markets,” O’Rourke noted.

Established in 2004, Plenary has grown into a leading investor, developer, and manager of public infrastructure with a portfolio exceeding $25 billion across Australia and the Middle East.

Since 2022, Plenary has made significant strides in the Middle East, securing the UAE's first schools public-private partnership. This project involves financing, designing, constructing, and managing three school campuses in Zayed City, Abu Dhabi, over a 20-year period.

ADQ has been taking leaps in regional and global expansion. In February 2024, the company signed an agreement to invest $35 billion in Egypt’s Ras El-Hekma project.