Mubadala becomes a partner in Tubacex's UAE unit with a $150 million investment

Abu Dhabi sovereign fund Mubadala Investment Company announced that it has acquired a 49% stake in the local Tubular Solutions unit of Spanish stainless seamless tubular manufacturer Tubacex for $150 million. The deal, which is subject to UAE regulatory approval, aims to accelerate the construction of a chromium-nickel corrosion-resistant steel oil and gas pipe coating and threading (OCTG) plant in Abu Dhabi. These pipes are used in natural gas production and other industries.

In 2022, Tubacex signed an agreement with Adnoc, a leading oil and gas producer in the UAE, to supply 30,000 tonnes of these pipes for various gas fields over a 10-year period. The construction of a third plant in Abu Dhabi will be an additional step for the Spanish company to strengthen its presence in the UAE market.