ADNOC L&S set to join MSCI Emerging Markets Index, over $200 million passive flows expected

Inclusion, effective Nov 25, boosts visibility, liquidity and passive investment flows

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ADNOC L&S has parked multiple new build orders with the Jiangnan Shipyard in China.
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Dubai: ADNOC Logistics & Services today confirmed its forthcoming inclusion in the MSCI Emerging Markets Index, effective November 25, 2025. This move is expected to draw in more than $200 million in passive capital, highlighting the firm’s increasing global investment appeal.

The milestone comes on the back of a successful $317 million secondary offering in August, which raised the company’s free-float to approximately 22% and substantially increased daily trading volumes. The offering was around seven times oversubscribed and priced at Dh5.25 per share. The company cited the tightest discount in the regional sell-down market at 3.33%. With this enhanced liquidity and shareholder base, the listing into MSCI’s benchmark paves the way for broader institutional access.

The inclusion will mark the fourth company within the Abu Dhabi National Oil Company Group to gain entry to the MSCI Emerging Markets Index. The company joins ADNOC Distribution plc, ADNOC Drilling and ADNOC Gas in the benchmark, reinforcing the ADNOC platform’s growing footprint in international capital markets.

From an operational perspective, ADNOC L&S brings a compelling revenue profile. The company currently holds over $26 billion in long-term contracted revenue, and more than $10 billion of that is tied to new-build vessels scheduled for delivery through 2028. That forward pipeline gives visible earnings support and aligns with the company’s ambition to expand in the global energy logistics and shipping sector.

Dividend guidance and performance

For the full year 2025, ADNOC L&S has offered dividend guidance of $325 million (Dh1.19 billion), a nearly 20% increase over 2024, and plans to commence quarterly dividend distributions from the third quarter of 2025, subject to approvals. The company also affirmed a target of cumulative dividends of $2.2 billion (Dh8.1 billion) through to 2030.

Since its IPO the company has delivered shareholder returns approaching 200%, backed by strong revenue and EBITDA growth.

Nivetha Dayanand is Assistant Business Editor at Gulf News, covering aviation, financial markets and commodities. A business and financial journalist with a strong interest in multimedia storytelling, she regularly takes complex financial and economic subjects beyond the written word, producing explainer videos that make them easier for a wider audience to understand. Nivetha has interviewed senior policymakers, business leaders and global financial figures both on and off camera. Her past guests include UAE Minister of Economy and Tourism Abdulla bin Touq Al Marri, Khaled bin Alwaleed Al Saud, a member of the House of Saud and the founder and CEO of KBW Ventures, Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund and Indian ministers Hardeep Singh Puri and N. Chandrababu Naidu. She has also hosted and moderated panels, conferences and awards shows, bringing her newsroom experience to live conversations on business, finance and the economy. An Erasmus Mundus journalism alum, Nivetha is drawn to stories that affect people directly and to reporting that gives a platform to voices that might otherwise go unheard. She was among the first journalists to speak to Petrofac employees in the UAE about unpaid salaries, broke the news of the planned demolition of Dubai’s well-known “Toyota Building”, and helped set the record straight on widely circulated claims that a giant replica of the Moon was coming to Dubai. More recently, her exclusive interview with EDGE Group CEO Hamad Al Marar revealed how the UAE-based defence group deployed its systems along the country’s shore border and established a geofence around the UAE within 48 hours of the February 28 escalation. Prior to joining Gulf News, Nivetha worked at ITP Media, where she helped launch Finance Middle East, a new publication covering the region’s financial sector. Her role spanned reporting and editing, video production, interviews and events. Across print, digital, and video, she focuses on finding the people behind business stories and explaining why those stories matter to the audience reading or watching them.

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