ADNEC is promising significant investment in the East London site as part of its vision to create a global network of exhibition venues. ADNEC's existing venue in Abu Dhabi is the largest exhibition venue in the Gulf and widely regarded as the most modern facility of its type in the world.
ExCeL's existing exhibition commitments - including its role in the staging of the London 2012 Olympics - will not be affected in any way by the acquisition.
Announcing the deal, CEO Simon Horgan said: "This is hugely exciting for ADNEC, for ExCeL London and for London. ExCeL London has a great management team in place to realise the ambitious plans we have to put this established, prestigious UK venue on the world exhibition stage."
ExCeL's Chairman, the Rt Hon The Lord King of Bridgwater, said: The offer from ADGC represents exciting growth opportunities for the business. All who work at ExCeL have earned a deservedly high reputation for the excellent service we provide to the organisers, exhibitors and visitors, There is now the exciting prospect for further development of this important London destination."
ADNEC is one of the world's leading exhibition developers and it built, owns and manages the 55,000sqm state-of-the-art Abu Dhabi National Exhibition Centre. ADNEC is wholly owned by the Abu Dhabi Government.
