Business | General
Adnec buys London events venue
Abu Dhabi has acquired Britain's top events venue ExCel London in a Dh2.3 billion deal as part of its efforts to create a global network of exhibition centres.
- Bloomberg
- Published: 16:00 May 7, 2008
Dubai: Abu Dhabi has acquired Britain's top events venue ExCel London in a Dh2.3 billion deal as part of its efforts to create a global network of exhibition centres.
Abu Dhabi National Exhibitions Company (Adnec), created by the government in 2005 to develop meetings and conventions industry in the capital, had made the offer for ExCel through a special purpose vehicle - ADCG - on Friday.
ExCeL's existing exhibition commitments, including its role in the staging of the London 2012 Olympics, will not be affected by the acquisition, Adnec said yesterday in a statement announcing the completion of the deal. "This very important acquisition is designed to directly support the Abu Dhabi government's economic diversification strategy," said Shaikh Sultan Bin Tahnoun Al Nahyan, Adnec chairman.
"This acquisition will allow us to attract fresh investment, events and talent to the UAE capital and demonstrates our serious commitment to London, the UK and the international events industry," he added.
ExCeL occupies a prime site in London's Docklands. Since 2000, it has hosted over 1,500 events and received four million visitors.
Adnec, which operates the 55,000-square-metre Abu Dhabi National Exhibition Centre, aims to become the world's leading exhibition venue developers.
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