**Abu Dhabi**: A new joint venture between ADQ and Orion Resource Partners aims to strengthen supply chains in the metals industry, committing USD 1.2 billion over four years to source essential minerals and support the UAE’s transition to a sustainable, green economy.
A new joint venture named Orion Abu Dhabi has been established between ADQ, a sovereign investor from Abu Dhabi, and Orion Resource Partners, a significant player in the metals and materials investment sector. This 50-50 venture aims to bolster supply chain security by investing strategically in the metals and mining industry, with an initial commitment of USD 1.2 billion over the first four years. The agreements are expected to yield long-term strategies for sourcing vital minerals such as copper and high-grade iron ore, essential for both global supply chains and the ongoing energy transition.
Orion Abu Dhabi will operate from the Abu Dhabi Global Market (ADGM), which marks Orion Resource Partners’ fifth international office. This joint venture not only underscores the UAE’s increasing focus on climate technology and sustainable investment but also highlights the country’s broader ambitions in becoming a key player in the global green economy.
Hamad Al Hammadi, Deputy Group Chief Executive Officer at ADQ, expressed confidence in the partnership’s success, stating, “As a long-term investor, we are committed to ensuring that our portfolio companies are set up for success in an ever-changing operating environment.” He emphasized the importance of a resilient supply of resources for growth plans.
Oskar Lewnowski, the Founder and Group CEO of Orion Resource Partners, noted the venture’s potential to enhance material supply chains vital for sustainability efforts. “Through Orion Abu Dhabi, we are bringing our successful partnership model to Abu Dhabi to support the security of critical material supply chains, global decarbonization efforts, and to contribute to long-term value for the UAE economy,” he said.
The establishment of Orion Abu Dhabi is emblematic of the UAE’s commitment to investing in diverse sectors to build a more resilient and sustainable economy. The emirate’s sovereign fund is not only looking at immediate economic gains but also at long-term strategies that can support manufacturing and clean energy sectors, expecting these downstream industries to benefit directly from the sourcing of crucial raw materials.
Philip Clegg has been appointed the Managing Partner of Orion Abu Dhabi, bringing over 20 years of experience in natural resources and mining investments to the role. He stated, “Orion Abu Dhabi is dedicated to investing responsibly in best-in-class mining projects that produce the materials that underpin global economic growth,” reflecting the joint venture’s commitment to supporting Abu Dhabi’s economic vision amid ongoing shifts towards a green economy.
This collaboration is set against a backdrop of heightened interest in sustainable investment and greater accountability in the mining sector, as nations seek to transition towards environmentally friendly practices while ensuring stable supply chains for critical resources.
Source: Noah Wire Services
- https://www.zawya.com/en/business/investment/abu-dhabis-wealth-fund-adq-orion-team-up-to-invest-12bln-in-metals-mining-h4bjebk1 – This article corroborates the establishment of the joint venture between ADQ and Orion Resource Partners, focusing on investing $1.2 billion in metals and mining.
- https://www.adgm.com/en/ – This is the official website of the Abu Dhabi Global Market (ADGM), where Orion Abu Dhabi will operate, highlighting the strategic location of the joint venture.
- https://www.adq.ae/en – This is the official website of ADQ, providing information on its role as a sovereign investor from Abu Dhabi and its involvement in strategic investments.
- https://www.orionresourcepartners.com/ – This is the official website of Orion Resource Partners, detailing its expertise in metals and materials investment and its global presence.
- https://www.bloomberg.com/news/articles/2023-09-14/uae-s-ambitions-for-a-green-economy – This article discusses the UAE’s ambitions in becoming a key player in the global green economy, aligning with the goals of the Orion Abu Dhabi joint venture.
- https://www.reuters.com/business/sustainable-business/uae-eyes-green-economy-growth-2023-09-15/ – This article highlights the UAE’s focus on sustainable investment and its efforts to transition towards a green economy.
- https://www.mining.com/web/orion-resource-partners-expands-into-abu-dhabi/ – This article provides additional details on Orion Resource Partners’ expansion into Abu Dhabi and its partnership with ADQ.
- https://www.thenationalnews.com/business/economy/2023/09/14/uae-looks-to-green-economy-for-growth/ – This article discusses the UAE’s strategy for economic growth through green initiatives, which aligns with the goals of the Orion Abu Dhabi joint venture.
- https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/uae-s-adq-invests-in-metals-mining-with-orion-resource-partners-75035414 – This article provides further details on ADQ’s investment in metals and mining with Orion Resource Partners, highlighting the strategic nature of the partnership.
- https://www.bloomberg.com/news/articles/2023-09-14/uae-s-ambitions-for-a-green-economy – This article explores the broader context of the UAE’s green economy ambitions, which the Orion Abu Dhabi joint venture supports.
- https://www.prnewswire.com/news-releases/adq-and-orion-resource-partners-to-establish-usd-1-2-billion-abu-dhabi-based-joint-venture-to-invest-in-and-secure-the-supply-of-strategic-metals-and-critical-minerals-302364068.html – Original press release. View link for all data
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
9
Notes:
The narrative appears to be recent, referencing a new joint venture and current economic strategies. However, without a specific date, it’s difficult to confirm its exact freshness.
Quotes check
Score:
8
Notes:
Quotes from Hamad Al Hammadi, Oskar Lewnowski, and Philip Clegg are included, but their earliest known references could not be verified online. This suggests they might be original or not widely reported.
Source reliability
Score:
9
Notes:
The narrative originates from a press release on PR Newswire, which is generally a reliable platform for such announcements. However, press releases can be biased towards the issuer’s perspective.
Plausability check
Score:
9
Notes:
The claims about establishing a joint venture for strategic metals investment align with current global trends in sustainable investment and supply chain security. The narrative seems plausible given the context.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The narrative appears to be recent and plausible, with quotes that could be original. The source is reliable as a press release platform, though it may reflect the issuer’s perspective. Overall, the information seems accurate and trustworthy.
