British supercar maker McLaren plans to invest £500 million ($675 million) to expand its UK manufacturing and engineering operations on the back of a larger investment commitment from Abu Dhabi’s L’imad, its main shareholder.
As part of the investment, the company will speed up development of next-generation car models, including its first SUV, it said in a statement on Wednesday.
A new vehicle assembly unit will also be set up in the UK and vehicle output will be increased to help it create 1,000 new direct and indirect jobs by 2032 in the UK, as well as 3,000 additional jobs across the supply chain. The company will also build engines in-house in the UK for the first time.
“Over the past 20 months, L’imad has worked closely with McLaren Automotive’s management team, supporting the business in sharpening its strategic direction and positions itself for long-term growth,” said Jassem Al Zaabi, managing director and group chief executive of L’imad. “This investment reflects our confidence in its potential and our commitment to backing the business through its next chapter.”
McLaren Automotive will also expand operations at the McLaren production centre in Woking, England, and its carbon-fibre manufacturing and research unit in South Yorkshire, after opening two new sites in Bicester and the Midlands recently.
L’imad to boost its AD Ports stake to 98.5%
The announcement comes as L’imad is set to increase its stake in AD Ports Group to 98.5 per cent after meeting all conditions to acquire the global ports operator.
L’imad, through its wholly owned subsidiary ADQ, already owns 75.42 per cent of AD Ports and launched a voluntary tender offer on August 18 to acquire the remaining issued and paid-up share capital.
It offered Dh6.25 ($1.70) for each share it does not already own.
At close of business on September 15, “ADQ has received acceptances representing in excess of 23.08 per cent” of share capital of AD Ports, it said in a bourse filing to the Abu Dhabi Securities Exchange, where AD Ports Group shares are traded.
L'imad will boost its shareholding in AD Ports on settlement of the offer, no later than October 9, it said in a statement on Wednesday.
The payment to AD Ports shareholders and the process of registration of company's shares in the name of ADQ will also be completed by October 9.
“All conditions of the offer have been satisfied, save for the customary notifications required to be submitted to the Capital Market Authority and the Abu Dhabi Securities Exchange [ADX],” it said.
AD Ports, which runs about 40 terminals in the UAE and has a presence in nearly 50 markets globally, is part of L’imad’s ports & logistics platform, which also features major assets such as Etihad Rail and Aramex.
L’imad, set up last year, continues to expand its investment portfolio within the UAE and abroad.
Last month, L’imad also completed its acquisition of the remaining shares in Abu Dhabi National Energy Company, known as Taqa, through its subsidiary Abu Dhabi Power Corporation, taking its stake from 98.12 per cent to 100 per cent. Taqa is now awaiting regulatory approval to delist from the ADX.
L’imad also owns a major stake in Abu Dhabi real estate developer Modon Holding.
On Tuesday, L'imad said it was teaming up with Azerbaijan Investment Holding to pursue joint investments in the country and the wider Central Asia region.
The partners are exploring investments in sectors including industry, critical minerals and related supply chains, urban and transport infrastructure, energy and digital connectivity, a L'imad statement read.
