RIYADH: Abu Dhabi-based ADNOC Drilling Co.’s operations in the oilfield service and energy sectors are set to receive a technological boost through the establishment of a joint venture with Alpha Dhabi Holding. This strategic move aims to invest up to 5.5 billion dirhams ($1.5 billion) to acquire technology-enabled companies, enhancing ADNOC Drilling’s capabilities in the field, the Emirates News Agency, also known as WAM, reported. ADNOC Drilling will maintain a 51 percent stake in the joint venture, while Alpha Dhabi will hold a 49 percent ownership. This collaboration combines the expertise of a drilling and oilfield services specialist with a well-established UAE conglomerate. The JV aims to propel and scale up ADNOC Drilling’s integrated drilling and oilfield service offerings, enhancing operational efficiencies. “We are excited to enter into this strategic partnership with Alpha Dhabi that will drive further growth for ADNOC Drilling and its shareholders, enable economic diversification, and support ongoing decarbonization efforts, benefiting all stakeholders,” said ADNOC Drilling CEO Abdulrahman Abdulla Al-Seiari. He added: “The JV will invest in innovative technology, enhancing our services, while adding depth to our offering and further expanding our business.” Lunate Capital Ltd., a private firm in the Abu Dhabi Global Market licensed by the ADGM Financial Services Regulatory Authority, will provide asset management support. The JV is expected to identify value-accretive transactions for both shareholders. “This joint venture with ADNOC Drilling marks a significant milestone in our commitment to driving growth and fostering innovation in the energy domain,” said Hamad Al-Ameri, managing director and group CEO of Alpha Dhabi. The collaboration aims to unlock opportunities and deliver sustainable value by pooling the expertise of both companies. “Diversification and innovation are critical pillars in today’s dynamic global economy. This partnership not only underscores our dedication to these principles but also positions us to significantly boost the UAE’s domestic growth, laying the foundation for sustained national prosperity,” Al-Ameri explained. Established in 1972, ADNOC Drilling focuses on adopting innovative technologies for efficiency and performance enhancement. Alpha Dhabi, founded in 2013, works toward maximizing subsidiary performance and unleashing potential through synergized businesses.