On June 9, ADQ expressed its intentions to merge the Abu Dhabi National Exhibition Center (ADNEC), which it owns, with the Abu Dhabi National Hotels (ADNH). Less than three months later, for unknown reasons, ADQ has called off the deal (the perfect ingredients for a Netflix mystery show). After the news broke, ADNH dropped 9.88% on the Dubai Financial Market.
The merger would have allowed ADNEC to become a protagonist in Abu Dhabi’s tourism sector. In June, ADNEC launched Tourism 365, a new company that would have helped achieve this goal. The merger with ADNH would have been the cherry on top of the cake to crown ADNEC’s expansion into the tourism market.
why it matters
The combined company would have been one of the MENA region's largest hospitality, catering, and events groups, with a $5.45b asset base containing 28 owned and operated hotels, three large exhibition centers, and several food and beverage outlets. Guess it woulda coulda shoulda.