arabianbusiness.com 15
ADNOC signs deal with INPEX
for offshore oil concession
Abu Dhabi National Oil
Company (ADNOC) has
signed an agreement
appointing JODCO Lower
Zakum Ltd, a wholly-owned
subsidiary of Japan’s INPEX
Corporation, as the asset
leader for Abu Dhabi’s Lower
Zakum concession area.
The agreement was
announced on the second day
of a visit to the UAE by Shinzo
Abe, Japan’s prime minister,
and was signed by Dr Sultan
Ahmed Al Jaber, ADNOC Group
CEO, and Toshiaki Kitamura,
president and CEO of INPEX.
In February, INPEX was
awarded 10 percent interest
in Abu Dhabi’s offshore Lower
Zakum concession. At the sametime the company’s stakes in
Abu Dhabi’s Satah and Umm
Al Dalkh concession were
extended for 25 years. INPEX
also maintained its 40 percent
stake in Satah and increased
its Umm Al Dalkh share from
12 percent to 40 percent.
Al Jaber said: “At ADNOC,
we place great importance on
our strategic partnership with
INPEX. This agreement further
strengthens the economic
relationship between the
UAE and Japan.
“As a long-standing
shareholder in both Lower
Zakum and Upper Zakum,
INPEX is in a unique position
to leverage synergies between
both concessions, including
the utilisation and optimisation
of infrastructure, to enhance
effi ciencies, enable substantial
cost savings, and create greater
value for the benefi t of both
partners,” he added.GFH buys
a majority
stake in TheEntertainer
GFH FINANCIAL GROUP
last Tuesday announced
the signing of a landmark
deal to acquire a majority
stake in The Entertainer,
the incentives provider
and lifestyle app.
GFH said in a statement
that it has acquired an 85
percent stake but did not
give a value for the deal.
The Entertainer, which was
founded in 2001 in the UAE,
provides consumers in 15
countries across the Middle
East, Europe, Asia and Africa
with offers and savings at
fine dining restaurants,
global restaurant franchises,
attractions, leisure activities,
golf clubs, water parks and
fitness centres, plus savings
on hotel stays.
The Entertainer launched a
smartphone app in 2013 and
has since shifted fully from a
print publication to a data-
driven technology company,
with 38 destination-specific
products, and tailored B2B
solutions for corporate clients
with offers from over 10,
merchant partners.
Last year’s annual turnover
exceeded AED130m, a
statement said, and added
that the new deal sees the
investors such as Abraaj fully
exit, while the founder, Donna
Benton, continues as one of
the key shareholders.q WE’RE DELIGHTED
THAT GFH HAVE SEEN
OUR HUGE GROWTH
POTENTIAL AS BOTH
A COMPANY AND
A TECHNOLOGY
PLATFORM”
Donna Benton
Founder, The Entertaineru Bahrain’s GFH Financial Group is
investing in high-growth companies
Muscat1.6 million
ADNOC’s current oil production in
barrels per dayu ADNOC is responsible for managing the emirate’s hydrocarbon reserves$103m
GFH Financial Group’s net
profi t in 2017q THIS AGREEMENT STRENGTHENS
THE ECONOMIC RELATIONSHIP
BETWEEN THE UAE AND JAPAN”
Ahmed Al Jaber, ADNOC Group CEOBAHRAIN UAE
Abu DhabiManama