Abu Dhabi-Bilbao, November 1st, 2024 — Tubacex Group, a global leader in advanced industrial solutions for the energy and mobility sectors, has announced the closing of its strategic alliance with Mubadala Investment Company, which has acquired a 49% stake in Tubacex’s Oil Country Tubular Goods (OCTG) business. This $200 million investment solidifies Tubacex’s growth trajectory in the OCTG market, particularly in the Middle East.
This finalized partnership is in line with the UAE’s “Make it in the Emirates” initiative, promoting industrial growth and local manufacturing, and demonstrates Mubadala’s commitment to responsible investment in building a knowledge-based economy in the UAE. Mubadala will play a key role in expanding local manufacturing capabilities to ensure a secure supply of CRA OCTG solutions for gas exploration, which is a critical factor in the global energy transition.
With this investment, Tubacex is poised to accelerate growth in its Low Carbon business and pursue mergers and acquisitions, strengthening its financial position and advancing the NT2 strategic plan goals of exceeding €200 million in EBITDA and reaching €1.2 billion to €1.4 billion in revenue by 2027. This collaboration is further enhanced by Tubacex’s new CRA OCTG finishing and threading plant in Abu Dhabi, positioning the company as a primary OCTG supplier in the Middle East.
