Plenary and ADQ partnership strengthens Australia-UAE ties

AUSTRALIA and UAE – The strategic investment in Plenary Group by ADQ, an active global sovereign investor with a focus on critical infrastructure and supply chains, to acquire a 49% stake in the company, announced in April last year, has now been completed.

The transaction marks the first major inbound investment from the United Arab Emirates into an Australian company since the signing of the Australia-UAE Comprehensive Economic Partnership Agreement, further reinforcing bilateral ties between the two nations.

The investment significantly strengthens Plenary’s balance sheet, enabling the acceleration of growth in key markets across Australia and New Zealand, including prospective projects such as Hobart Stadium, Brisbane 2032 Olympics infrastructure, energy transmission, social and affordable housing, and transport infrastructure.

The investment also positions Plenary to expand its presence in other priority regions, including the Middle East, Asia, the United Kingdom, Ireland and Europe.

As part of the agreement, Plenary and ADQ have established a co-development and investment platform, Plenary Middle East, which will focus on public and social infrastructure opportunities in high-growth regions across the Middle East and Central Asia.

Plenary has already achieved significant early success in the United Arab Emirates since expanding to the region in 2022. It has been awarded three contracts to date, including the country’s first schools’ infrastructure public-private partnership, the Zayed City Schools project, which is now operational.

The establishment of Plenary Middle East highlights the shared confidence of Plenary and ADQ in the opportunities within the region; one that saw more than US$30 billion in greenfield infrastructure projects closed in 2024.

Plenary Chair Paul Oppenheim said, “This transaction highlights the global recognition and value of Australia’s infrastructure expertise. We are excited about the opportunities this partnership will bring, positioning us to participate in significant upcoming projects in Australia and New Zealand, while accelerating our international growth. In particular, the Middle East co-development and investment platform will supercharge our expansion into new markets and unlock valuable opportunities for both companies.”

ADQ Deputy Group Chief Executive Officer Hamad Al Hammadi said, “The establishment of Plenary Middle East aligns with ADQ’s focus on building world-class foundational systems and infrastructure essential to the functioning of economies and societies. Together with Plenary, a global leader with a proven track record in successfully delivering infrastructure projects, we aim to capitalise on the potential of public-private partnership opportunities in our key target markets. By leveraging our mutual expertise, we are well-positioned to drive sustainable growth and create lasting value.”

Plenary remains majority-owned and controlled by its Australian founders and senior management team, maintaining operational independence as it continues to develop and invest in long-term infrastructure and real assets.

About ADQ

Established in 2018, ADQ is an active global sovereign investor with a focus on critical infrastructure and supply chains. As a strategic partner to the Government of Abu Dhabi, ADQ invests in the growth of business platforms anchored in the Emirate that deliver value to local communities and long-term financial returns to its shareholder. ADQ’s total assets amounted to US$225 billion as of 30 June 2024. Its rapidly expanding portfolio encompasses companies across numerous core sectors of the economy, including energy and utilities, transport and logistics, food and agriculture, and healthcare and life sciences. adq.ae