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Friday, March 22, 2024

UAE-ADNOC: MBZ’s reasons behind halting Israel’s NewMed dealnote

ADNOC and BP announced on 15/3/2024 the halt of discussions regarding a 50% acquisition of Israel’s NewMed Energy, citing associated risks with the deal and the Gaza War.

Note that on 23/10/2023, the panel reviewing ADNOC and BP’s offer recommended NewMed to increase the asking price by 10-12%, casting uncertainty on the deal.

UAE President Sheikh Mohammad Bin Zayed (MBZ) indicates that several factors, other than the Gaza War, have played a role in halting ongoing discussions for the deal.

The note highlights the following key aspects:

- The factors that led to the discussions’ halt

- MBZ's views on the status of the deal

- MBZ's and ADNOC's conditions to reconsider resuming the deal

The note also sheds light on the effects of the halt on other UAE-Israeli partnerships.


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