The Abu Dhabi National Oil Company has amassed a nearly 50-strong team of dealmakers and is pursuing roughly $50bn in transactions as part of a push to diversify its business and expand abroad.
Adnoc, led since 2016 by Sultan al-Jaber, has quietly assembled a suite of Wall Street talent, according to people familiar with its inner workings, transforming the United Arab Emirates’ once sleepy state group into a business more like an energy supermajor.
The investment team, run by former senior Morgan Stanley executive Klaus Froehlich, has become one of the most important units for the company’s strategy, with insiders describing it as akin to an “internal investment bank”.
Adnoc’s pursuit of a bevy of multibillion-dollar acquisitions under Jaber’s strategy has stood out in an otherwise dismal year for dealmaking. The group is pursuing deals simultaneously with Brazilian petrochemical maker Braskem, Austria’s OMV and German chemical company Covestro.
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