Founders and some executives of the infrastructure investor will receive a windfall after getting a cash injection from the Abu Dhabi investment group.
Already a subscriber?Founders and some executives of infrastructure investor Plenary Group will receive a cash windfall after the Australian group sold a 49 per cent stake to Abu Dhabi sovereign wealth fund ADQ in a $1 billion deal.
Plenary is owned by three of its four initial founders including Ray Wilson and Paul Oppenheim. Five executives, including But Plenary wanted to strengthen its balance sheet to give it firepower to pursue more investments, particularly in emerging markets in Asia and the Middle East, Mr O’Rourke said.Formed in 2018, ADQ is an Abu Dhabi-based investment and holding company which manages assets, including airline Etihad, that help diversify the UAE’s income beyond oil and has been making acquisitions to ensure the emirates’ “self-sufficiency”.
Mr O’Rourke also said he was not worried by the war in the Middle East and the potential for broader regional conflict, arguing that Australia is committed to close economic relations with the United Arab Emirates and that Plenary takes a long-term view with its investments.
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