Abu Dhabi National Exhibition Co said on Wednesday it bought the London exhibition and conference site of ExCel for $626.4 million (£320.4 million) as the oil producer looks to diversify.

 

ExCeL London opened in November 2000 and is the city's largest and most successful exhibition and conference centre, having hosted well over 2,000 live events, including The British International Motor Show, one of the world's most popular motor events; and the London Boat Show, a leading public boating exhibition.

 

ExCeL London will also provide key venues for the London 2012 Olympics.

 

The sports due to be staged there are boxing, judo, table tennis, taekwondo, weightlifting and wrestiling.

 

ExCeL's existing exhibition commitments - including its role in the staging of the London 2012 Olympics - will not be affected by the acquisition.

 

"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 Exhibition 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.

 

"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," he said.