We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Thu 27 Sep 2018 01:57 PM

Font Size

- Aa +

Abu Dhabi buys stake in Australian motorway project

Unit of Abu Dhabi Investment Authority is part of consortium that invests in WestConnex scheme in Sydney

Abu Dhabi buys stake in Australian motorway project

A subsidiary of an Abu Dhabi wealth fund has reached financial close on a deal to buy a stake in WestConnex, a 33km predominately underground motorway scheme under construction in Sydney, Australia.

Transurban announced on Thursday that a consortium comprising  itself (50 percennt), CPPIB (20.5 percent), AustralianSuper (20.5 percent), and Tawreed Investments Limited, a wholly owned subsidiary of Abu Dhabi Investment Authority (9 percent), has acquired a 51 percent stake from the New South Wales Government.

Transurban CEO, Scott Charlton, said WestConnex was city-shaping infrastructure that would make a significant contribution to the ongoing liveability of Sydney in the decades ahead.

“We look forward to working with our consortium partners, the NSW Government and the existing team at Sydney Motorway Corporation to complete its construction and ensure that the city gets the most out of this key piece of infrastructure,” Charlton said in a statement.

The motorway scheme, a joint project of the New South Wales and Australian governments, encompasses widening and extension of the M4 Western Motorway, a new section for the M5 Motorway, and a new inner western bypass of the Sydney central business district connecting the M4 and M5.

Arabian Business: why we're going behind a paywall

For all the latest transport news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.