Gulf Capital in Africa: ADNOC's $1B Shell Bid, Egypt's $200M Ras El Hekma Deal & Ethiopia's Eurobond Breakthrough
Insights Dispatch - July 1, 2026
Welcome to the Wednesday edition of Insights Dispatch, our flagship brief of the latest developments bridging Africa and the Gulf
SOUTH AFRICA: ADNOC Nears $1 Billion Deal for Shell’s South African Gas Stations
Adnoc Distribution, a unit of the Abu Dhabi National Oil Company, is reportedly nearing a $1 billion deal to buy Shell’s gas station network in South Africa, according to Bloomberg.
The acquisition would hand Adnoc more than 600 outlets and roughly 10% market share in the country. Talks have reportedly been ongoing since 2024, continuing even through disruptions tied to the Iran conflict that affected Adnoc’s broader business.
The move is part of Adnoc’s broader efforts to expand its reach across emerging markets. Adnoc’s low-carbon arm XRG signed a deal to take a 32% stake in three Argentine gas blocks, underscoring how aggressively the Adnoc ecosystem is currently expanding globally, across both fuel retail and upstream energy.
EGYPT: UAE Secures $200 Million Real Estate Contract
Abu Dhabi-based holding company Modon Holding awarded a $200 million (EGP 10 billion) infrastructure contract for the Wadi Yemm district to a joint venture between Egypt’s Rowad Modern Engineering and Greece’s Consolidated Contractors Company.
Wadi Yemm will be the first luxury residential destination within the broader Ras El Hekma development, featuring residential units, hotels, two golf courses, a country club, and a 10,000-seat open-air theatre.
The announcement comes as part of a wider wave of Gulf capital reshaping Egyptian real estate, particularly from the UAE. In January, Modon awarded a separate $316 million (EGP 15 billion) contract to Egypt’s Orascom Construction for a mixed-use project within the same mega-development. Similarly, Emirati firm Majid Al Futtaim recently agreed to a $4 billion contract with New Cairo’s Mada City.
ETHIOPIA: Preliminary Agreement Signed to Restructure $1 Billion Eurobond
Ethiopia’s Ministry of Finance issued a statement confirming a preliminary agreement was reached with bondholders to restructure the country’s $1 billion Eurobond. The deal will see the introduction of a new financial instrument offered to bondholders, alongside the formation of a New Money Warrant.
The announcement marks a pivotal step in restoring investor confidence in Ethiopia, particularly within the GCC. This is especially important for the UAE, a close political ally of Addis Ababa. A report from July 2025 by the Africa Center for Strategic Studies states that the UAE has thus far invested $2.3 billion in Ethiopia; the bond restructuring will likely pave the way for increased investment.