Financial
ADNOC Distribution Reports Record Fuel Volumes and EBITDA for First Nine Months of 2024
ADNOC Distribution today announced its financial results for the third quarter and the first nine months of 2024. The Company reported its highest-ever nine-month EBITDA of $790 million (AED2.90 billion) and underlying EBITDA of $721 million (AED2.65 billion), implying growth of 5.9% and 11.6% year-on-year, respectively.
In the first nine months of 2024, the Company’s free cash flow reached $537 million (AED1.97 billion), while maintaining a robust balance sheet with a net debt-to-EBITDA ratio of 0.56x as of 30 September 2024. This strong financial standing positions the Company favourably for future growth and attractive shareholder distributions. These achievements can be attributed to strong retail and commercial performance, including highest-ever nine-month fuel volumes, robust non-fuel retail (NFR) contributions, and cost efficiency improvements.
EBITDA growth and strong free cash flow generation were also supported by material like-for-like OPEX savings totalling $13 million (AED48 million) over the first nine months of 2024, putting the Company on track to achieve $50 million (AED184 million) in OPEX savings between 2024 and 2028.
Eng. Bader Saeed Al Lamki, CEO of ADNOC Distribution, said: “ADNOC Distribution’s strong underlying financial performance is testament to the Company’s solid fundamentals and its ability to execute against strategic objectives. Across the first nine months of the year, we made steady progress expanding our domestic retail presence and market share, while also seeing growing returns from our international expansion. To continue to unlock shareholder value, the Company is pursuing AI, advanced digital technologies, and innovation-enabled growth across our entire value chain, engendering considerable OPEX savings and improvements to our industry-leading customer experience.”
The H1 2024 dividend of $350 million (AED1.285 billion) was distributed in October, aligning with the approved five-year policy which expects the Company to distribute annual dividend of $700 million (AED2.57 billion), equivalent to 20.57 fils per share, or a minimum of 75% of net profit, whichever is higher, offering long-term visibility for shareholders. The H2 2024 dividend will be paid in April 2025, subject to the discretion of the Board and approval of shareholders.
OPERATIONAL PERFORMANCE
In the first nine months of 2024, ADNOC Distribution exceeded 11 billion liters in total fuel volumes, marking a 9.2% year-on-year increase, driven by network expansion, economic growth, and growing contributions from international operations. Non-fuel retail transactions also grew by 9.4% year-on-year during the period, with a 10.3% growth in Q3 alone. The convenience store conversion rate reached 25.5% over the nine-month period – the highest for this period in five years – including 25.9% in Q3 2024. Key growth initiatives included expanding premium food and beverage offerings, enhancing car services, and optimizing real estate to strengthen the Company’s position. ADNOC Voyager maintained its leading position as the UAE’s number one lubricant brand by market share, now available in 43 countries, up from 34 the same time last year.
In the nine-month period, ADNOC Distribution added more than 60 commercial retail tenants across its network, including new stores, restaurants, and car services, with plans to add another 20 by the end of the year. The Company aims to double the number of property units occupied by top international and regional food and beverage brands by the end of 2025.
ADNOC Distribution added 19 new service stations in the first nine months of 2024, bringing the total to 855 across the UAE, KSA and Egypt, achieving its full-year goal of adding 15 to 20 stations ahead of time. Eight of these, launched in Dubai in Q3, cater specifically to trucks, in partnership with Dubai’s Road and Transport Authority (RTA).
As of 30 September 2024, ADNOC Distribution’s UAE network included 112 fast and super-fast charging points, more than double compared to 53 at the end of 2023, with plans to reach 150-200 charging points by the end of 2024.
Future-proofing the business is an iterative and crucially important process at ADNOC Distribution. At present, the Company is actively pursuing more than 20 AI-focused projects by integrating AI and advanced technologies across all business segments, empowering data-driven decision-making to drive growth, enhance operational efficiency, and elevate customer experience.
ESG STEWARDSHIP
Reaffirming its commitment to leading Environmental, Social and Governance (ESG) practices, ADNOC Distribution announced the formation of an ESG subcommittee to its Board’s Executive Committee, anchoring ESG oversight and responsibility among the Company’s highest governing bodies. The new committee will be chaired by a non-executive Independent Board member and will be comprised of specialists with the requisite experience to supervise ESG performance.
In October 2024, ADNOC Distribution received the Dubai Chamber of Commerce’s ESG label, the first fuel retailer in the Middle East to do so, a strong recognition of the Company’s ESG leadership within the sector and beyond.
FUTURE OUTLOOK
ADNOC Distribution’s strategic plan is underscored by a solid financial foundation and strong cash generation. To pursue further growth, the Company has earmarked between $250 and $300 million in CAPEX allocations for calendar year 2024, with 70% of the investment directed towards growth-focused initiatives.
Since its IPO in 2017, ADNOC Distribution has delivered significant returns to shareholders through enhanced market value and consistent dividends, including the distribution of $4.4 billion in dividends. Building on its strong financial results and operational performance over the past nine months, the Company is well-positioned for its next phase of strategic and accelerated growth.
Financial
MultiBank Group and Khabib Nurmagomedov Launch an Exclusive Worldwide Multi-Billion-Dollar Joint Venture to Build the World’s First Regulated Tokenized Sports Ecosystem
Multibank Group, the financial derivatives institution, has entered into an exclusive worldwide multi-billion-dollar joint venture with global sports icon and undefeated UFC champion Khabib Nurmagomedov (29-0) to create a first-of-its-kind regulated ecosystem connecting global finance, sports and technology.
The partnership will culminate in the creation of a multi-billion-dollar joint venture, MultiBank Khabib LLC, uniting two global powerhouses: MultiBank Group, a leader in regulated financial excellence, and Khabib Nurmagomedov, undefeated in the octagon and whose influence extends far beyond sport. The company will operate from MultiBank Group’s headquarters in Dubai, building a worldwide network of high-end sports ventures and real-world digital assets. This structure fulfills the vision of MultiBank Group Founder and Chairman, Naser Taher, for an exclusive global joint venture, granting MultiBank exclusive rights to develop and promote projects under the Khabib Nurmagomedov brand name, including the development of 30 state of the art Khabib gyms, Gameplan and Eagle FC brands.
The entire venture is backed by MultiBank Group’s regulated digital ecosystem and powered by its cornerstone $MBG Token being the driving force behind its expanding portfolio of real-world-asset (RWA) technologies and initiatives.
Naser Taher, Founder and Chairman of MultiBank Group, stated: “From the UAE, we are shaping a new blueprint for the business of sport through the regulated tokenization of real-world sports assets (RWSA). Together with Khabib Nurmagomedov, and powered by our ecosystem token, $MBG, we are uniting finance and athletics into a single transparent, technology-driven ecosystem — one built on trust, innovation, and the strength of the MultiBank framework. This initiative proudly aligns with the UAE’s vision of becoming a global hub for digital asset innovation and world-class sports.”
Khabib Nurmagomedov added: “This partnership with MultiBank Group is built on shared values of strength, respect, and discipline. Together with Multibank, we are building real global opportunities that go beyond sport, empowering athletes, and fans through a regulated and innovative digital ecosystem. This is only the beginning.”
Financial
Edenred UAE strengthens market leadership with financially inclusive payroll solutions, C3Pay serving 2.5 million users
Edenred, a leading digital platform for services and specific purpose payments and the undisputed market leader in salary processing and financial inclusion for the underbanked in the UAE, continues to reinforce its leading position in payroll card solutions, value-added financial services, and compliance-first innovation under the leadership of newly appointed Managing Director Claudio Di Zanni.
As the first company authorised by the Central Bank of the UAE to process WPS salaries, Edenred UAE has long positioned financial inclusion as the foundation of its offer in UAE — ensuring that access to financial services isn’t an added benefit, but a guaranteed outcome of getting paid.
Trusted by both large enterprises and a growing base of SMEs, the backbone of the UAE economy, Edenred UAE now serves more than 15,000 corporate clients, 2.5 million cardholders, and partners with over 10 banks and 20 financial institutions. Demand has been strong in sectors such as manufacturing, construction, and facility management—where reliability and seamless execution are critical.
Edenred UAE salary cards, C3Pay, powered by RAKBANK and part of the Mastercard network, can be used globally. A key driver of Edenred’s adoption success is its unmatched expertise in on-site training at worker accommodations, which helps large enterprises efficiently onboard thousands of employees. This ensures that workers understand how to activate their cards, utilise app features, and engage with key financial tools.

Claudio Di Zanni, Managing Director, Edenred Middle East, said: “Edenred UAE has set the benchmark for payroll and financial access in the region with digital innovative solutions, great ambitions and internationally committed teams. Our ambition now is to extend that lead by deepening trust with our clients, scaling services that matter to end users, and ensuring full compliance in a fast-evolving regulatory landscape. With unmatched reach, an expanding client base, and a proven model for financial inclusion, we are ready to shape the next phase of the region’s salary card ecosystem — developing its full potential and contributing to giving workers who were previously excluded from the financial system a secure, transparent, and dignified way to manage their money.”
Edenred UAE remains the reference in payroll solutions, as it continues to scale high-impact services, deepen banking partnerships, and reinforce its role as the benchmark for secure, compliant, and ethical financial access in the UAE and beyond. With a sharpened focus on innovation and strengthened leadership, it is entering a new chapter of platform excellence as the backbone of financial access for the UAE’s workforce.
Financial
Dhruva urges UAE firms to focus on data sovereignty in e-Invoicing transition
The 2026 mandate is an opportunity for businesses to align compliance with stronger data governance standards
With the UAE’s mandatory eInvoicing framework set to launch in 2026, Dhruva urges taxpayers to move beyond data residency considerations and focus on the critical issue of data sovereignty when selecting accredited service providers (ASPs). When adopting any cloud solution, it’s crucial to take the UAE National Cloud Security Policy into consideration, which provides a comprehensive checklist for cloud customers. This policy details necessary arrangements with cloud service providers, outlines contract requirements and sets cloud security requirements and enforcement measures.Dhruva is a leading tax advisory firm specializing in VAT, corporate tax, transfer pricing, and international taxation in the Middle East.
The eInvoicing rollout, based on the OpenPeppol five-corner model, will route all business-to-business (B2B) and business-to-government (B2G) invoices through ASPs that validate, exchange, and report tax-relevant data directly to the Federal Tax Authority (FTA). This shift makes the question of where data lives and who ultimately controls it – a matter of legal, operational, and financial consequence.

Commenting on the development, Nimish Goel, Partner and Head of GCC, Dhruva Consultants, said: “Businesses cannot afford to mix data residency with sovereignty. Hosting tax data within UAE data centres is necessary, but it does not, by itself, guarantee compliance or protection. True sovereignty means that encryption keys, administrative controls, and audit logs remain fully under UAE jurisdiction and cannot be accessed by foreign authorities. For taxpayers, this distinction is not technical—it is a fundamental risk-management decision.”
Dhruva highlights that this distinction is becoming urgent for three reasons. First, the UAE has enacted a robust Federal Data Protection Law (PDPL) and sector-specific rules that demand explicit safeguards on cross-border data flows. Second, with eInvoicing deadlines approaching, taxpayers must evaluate how each provider’s hosting model aligns with UAE data hosting requirements, sovereignty and National Cloud Security Policy laws. Finally, the operational reality is that migrating data and applications between clouds is not seamless. Factors such as data gravity, proprietary platforms, and audit trail integrity make switching providers slow, risky, and expensive.
“E-invoicing will not only redefine how businesses transact with government authorities, but also how they safeguard their most sensitive tax and financial records,” Goel added. “Companies need to recognise that the choice of ASP is a long-term strategic decision. The location of the cloud operator, the jurisdiction under which they fall, and the location of their control plane and encryption keys all impact compliance and data security far more than the physical location of the server rack.”
Dhruva advises taxpayers to approach ASP selection with a structured due-diligence process aligned with the policy for cloud customers in the UAE. This policy covers key domains such as governance, data location and sovereignty, interoperability, security incident and access management, data confidentiality, architecture and infrastructure companies should ensure that all storage, backups, and logs are held within UAE borders, that operational control and key management remain in UAE jurisdiction, and that providers comply with the UAE’s Peppol interoperability standard. Audit logs should be immutable, recovery sites must be located in the country, and exit strategies need to be documented and tested, with transparency on egress costs.
“Taxpayers cannot treat this as a simple IT procurement,” Goel emphasized. “It is a compliance and sovereignty choice that will determine their risk exposure for years to come. The time to ask these questions is now—before companies find themselves locked into providers that may not meet their future regulatory and operational needs.”
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