Abu Dhabi-based International Holding Company's subsidiary Multiply Group signed a merger agreement with Ben Suhail Group to create a beauty sector joint venture in the UAE.
The merged entity Omorfia Group will be 51 per cent owned by MG Wellness Holding, a subsidiary of Multiply Group, and 49 per cent by another shareholder, IHC said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded. Financial details of the deal were not disclosed.
As a fully integrated holding company, Omorfia Group will own and control 100 per cent of the company’s business-to-business consumer brands, including beauty giants Tips & Toes, Bedashing, Jazz Lounge Spa and the Ben Suhail Distribution business.
The partnership will see all salons and spas retain their individual brand identities and continue operations and services as usual, IHC said.
Tips & Toes has 35 branches across six cities in the UAE and Saudi Arabia, while Bedashing operates from 21 locations in the Emirates.
“The merger of business operations allows both brands to streamline their processes and accelerate growth in the beauty and grooming sector, with the group equally focused on growing its stronghold in the high-end beauty product distribution market within the region,” Syed Basar Shueb, IHC chief executive and managing director, said.
“Through this transaction, IHC will be able to grow and create synergies between some of the UAE’s most well-known beauty brands, while retaining the locations, offerings and exceptional quality of service that have made them so popular.”
Abu Dhabi-based IHC is looking to boost its portfolio through mergers and acquisitions, and strategic investments, in a number of sectors including real estate, agriculture, healthcare, food and beverage, utilities and industries.
In September, the company’s asset management subsidiary bought Dubai’s Inspire Integrated for Dh37 million ($10.07m) to expand its portfolio of real estate, infrastructure property management and facilities management services.
Its other investments in the past six months include a 60 per cent stake in Afkar Financial and Property Investments, a 48 per cent share in Emirates Driving Company and a 60 per cent interest in Royal Horizon Holding and its subsidiaries, among others.
The company’s acquisition spree in 2021 has led to a substantial growth in its balance sheet. At the end of June it had assets worth Dh58.32 billion, up from Dh14.01bn at the end of last year.
Killing of Qassem Suleimani
Itcan profile
Founders: Mansour Althani and Abdullah Althani
Based: Business Bay, with offices in Saudi Arabia, Egypt and India
Sector: Technology, digital marketing and e-commerce
Size: 70 employees
Revenue: On track to make Dh100 million in revenue this year since its 2015 launch
Funding: Self-funded to date
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Zayed Sustainability Prize
Scores
Wales 74-24 Tonga
England 35-15 Japan
Italy 7-26 Australia
TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
SNAPSHOT
While Huawei did launch the first smartphone with a 50MP image sensor in its P40 series in 2020, Oppo in 2014 introduced the Find 7, which was capable of taking 50MP images: this was done using a combination of a 13MP sensor and software that resulted in shots seemingly taken from a 50MP camera.
Prop idols
Girls full-contact rugby may be in its infancy in the Middle East, but there are already a number of role models for players to look up to.
Sophie Shams (Dubai Exiles mini, England sevens international)
An Emirati student who is blazing a trail in rugby. She first learnt the game at Dubai Exiles and captained her JESS Primary school team. After going to study geophysics at university in the UK, she scored a sensational try in a cup final at Twickenham. She has played for England sevens, and is now contracted to top Premiership club Saracens.
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Seren Gough-Walters (Sharjah Wanderers mini, Wales rugby league international)
Few players anywhere will have taken a more circuitous route to playing rugby on Sky Sports. Gough-Walters was born in Al Wasl Hospital in Dubai, raised in Sharjah, did not take up rugby seriously till she was 15, has a master’s in global governance and ethics, and once worked as an immigration officer at the British Embassy in Abu Dhabi. In the summer of 2021 she played for Wales against England in rugby league, in a match that was broadcast live on TV.
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Erin King (Dubai Hurricanes mini, Ireland sevens international)
Aged five, Australia-born King went to Dubai Hurricanes training at The Sevens with her brothers. She immediately struck up a deep affection for rugby. She returned to the city at the end of last year to play at the Dubai Rugby Sevens in the colours of Ireland in the Women’s World Series tournament on Pitch 1.
