This investment is also an opportunity to partner with ADNOC Group
Multiply Group, a technology-focused holding company based in Abu Dhabi, recently announced it has agreed to purchase shares in the forthcoming Initial Public Offering (IPO) of Borouge for a total amount of AED 183.75mn (US$ 50mn) as a cornerstone investor.
“Our investment underpins our confidence in the Abu Dhabi market which has maintained strong momentum in its capital market despite the ongoing global economic uncertainty. We see this momentum continuing on the back of solid economic growth in Abu Dhabi and ADX’s growing depth, resilience and sophistication,” affirmed Samia Bouazza, CEO and Managing Director, Multiply Group.
This investment is also an opportunity to partner with ADNOC Group, which is set to play a vital role in the sustainable growth of Abu Dhabi and the UAE. Borouge has adopted a comprehensive sustainability agenda with a strong focus on promoting a zero-waste plastics circular economy. It aims to reduce its Scope 1 emissions 25%, its energy intensity 30% and continuous flaring 100% by 2030.
The last 12 months has seen the Group make investments of AED 367mn (US$100mn) in DEWA as a cornerstone investor in its IPO, alongside digital and ecommerce platforms with substantial earning potential and international high growth firms, including US vehicle-focused digital media platform Firefly.
Multiply recently posted its Q1-2022 financial results, achieving a net profit of AED 334.9mn (US$ 91.18mn).