The ExCel docklands conference centre, London's largest exhibition centre, has been bought by a company owned by the Abu Dhabi Government for £178m.

The centre has been sold to ADCG which is owned by ADNEC, a part of the Government of Abu Dhabi.

It was set up in 2005 to invest and expand its exhibition centre in Abu Dhabi and to develop business tourism destinations around the world.

Bright future

Simon Horgan, CEO of ADNEC, said: ‘ADNEC's strategy is to become the world's leading provider of venues to the exhibitions industry. By developing a network of world-class venues, including venues with the stature of ExCeL London, we will be able to serve the needs of an industry that is increasingly global in its outlook. ExCeL London will play a vital role in delivering ADNEC's strategy and in doing so has a very bright future.’

ExCel was sold by a company owned by Malaysian tycoon Ananda Krishnan who is thought to have netted more than a £100m profit.