ADQ, a global sovereign investor specializing in critical infrastructure and supply chains, and Plenary Group announced the 49% acquisition by the Middle Eastern fund has been finalized, which was initially announced in April last year.
The acquisition was finalized just weeks after Lendlease announced the sale of Capella Capital to the Japanese conglomerate Sojitz, underscoring the strong demand for infrastructure investments in Australia. This deal also marks a significant milestone as the first major inbound investment from the United Arab Emirates into an Australian company, following the signing of the Australia-UAE Comprehensive Economic Partnership Agreement.
Establishment of Plenary Middle East
As part of the investment agreement, Plenary Group and ADQ have launched a joint co-development and investment platform, Plenary Middle East. This initiative will focus on public and social infrastructure opportunities in high-growth regions across the Middle East and Central Asia.
Since entering the UAE market in 2022, Plenary Group has already secured three major PPP contracts, including the country’s first schools’ infrastructure public-private partnership, the Zayed City Schools project, which is now operational.
Plenary Middle East underscores the confidence of both Plenary Group and ADQ in the region’s infrastructure potential. In 2024 alone, more than US$30 billion in greenfield infrastructure projects were closed in the Middle East.
Suggested Reading: Public Private Partnerships (PPPs) contracts: What are they? How they Work?Â
Plenary Group's Growth and Expansion plans
Despite ADQ’s investment, Plenary Group remains majority-owned and controlled by its Australian founders and senior management team. The company retains operational independence as it continues to develop and invest in long-term infrastructure and real assets
According to the company, after the investment the group is positioned to accelerate its growth across Australia and New Zealand. Key infrastructure projects expected to benefit from this strengthened financial backing include:
Hobart Stadium
Brisbane 2032 Olympics infrastructure
Energy transmission initiatives
Social and affordable housing developments
Transport infrastructure projects
Beyond Australia and New Zealand, Plenary Group aims to expand its operations in priority regions such as the Middle East, Asia, the United Kingdom, Ireland, and Europe.
Leadership comments on the transaction
Plenary Chair Paul Oppenheim emphasized the significance of this investment, stating:
“This transaction highlights the global recognition and value of Australia’s infrastructure expertise. We are excited about the opportunities this partnership will bring, positioning us to participate in significant upcoming projects in Australia and New Zealand while accelerating our international growth. In particular, the Middle East co-development and investment platform will supercharge our expansion into new markets and unlock valuable opportunities for both companies.”
ADQ Deputy Group Chief Executive Officer Hamad Al Hammadi shared similar enthusiasm:
“The establishment of Plenary Middle East aligns with ADQ’s focus on building world-class foundational systems and infrastructure essential to the functioning of economies and societies. Together with Plenary, a global leader with a proven track record in successfully delivering infrastructure projects, we aim to capitalize on the potential of public-private partnership opportunities in our key target markets. By leveraging our mutual expertise, we are well-positioned to drive sustainable growth and create lasting value.”
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