The Gulf emirate of Abu Dhabi said it spent more than AED2.3 billion (321 million pounds) on buying ExCeL London, an organizer of exhibitions and conferences which is helping stage the 2012 Olympics in Britain. State-owned Abu Dhabi National Exhibitions Co said it bought control of ExCeL through a British unit it did not identify, as part of a strategy to diversify its economy away from oil, of which it is the world's fifth-largest producer. “This very important acquisition is designed to directly support the Abu Dhabi government's economic diversification strategy,” Sheikh Sultan Bin Tahnoon Al-Nahayan, chairman of Abu Dhabi National Exhibitions, said in a statement. “Ensuring Abu Dhabi's role as a major global business tourism centre is an integral element of the strategy,” Sheikh Sultan said. ExCeL London, a private company linked to Malaysian tycoon Ananda Krishnan, has hosted more than 2,000 events since it started in 2000, including the British International Motor Show and the London Boat Show, according to the statement. “This acquisition will allow us to attract fresh investment, events and talent to the UAE capital and demonstrates our serious commitment to London, the UK and the international events industry,” Sheikh Sultan said. ExCeL's exhibition commitments, including its role in staging combat sports, table tennis, and weightlifting at the 2012 Olympics, will not be affected by the acquisition, Abu Dhabi National Exhibitions Co (ADNEC) said. “The benefits to Abu Dhabi include increased international awareness of the city and the emirate, international training opportunities for UAE nationals and an opportunity to support international events,” ADNEC Chief Executive Officer Simon Horgan said in the statement. ExCeL London has a very large space which is suitable for exhibitions and conferences. It is the capital's only venue that could provide all the conference and exhibition space needed to meet the high standards that international delegates expect. In terms of design and technical support, it can compete with the best European centers, with the facilities it offered as a key factor to gain popularity. ADNEC is the UAE capital's most prestigious exhibition center. When the second phase of construction is completed in 2008, it will be the largest exhibition center in the Middle East.
