Abu Dhabi-based International Holding Company has announced the formation of a new holding company, 2PointZero, which will have more than Dh100 billion ($27.2 billion) in assets.
IHC's board approved the initiation of the transfer of entities across several sectors to 2PointZero and the move will be completed after obtaining all regulatory approvals, the diversified conglomerate said in a statement on Tuesday to the Abu Dhabi Securities Exchange, where its shares are traded.
The new "next generation" holding company "is committed to having a transformative impact globally", said IHC chairman Tahnoon bin Zayed.
"Our dedication to technology and artificial intelligence is evident in our commitment to developing solutions that redefine industries such as financial services, investment banking and resource management," he said.
The new holding company will cover sectors including private equity and alternative investments, venture capital operations, asset management, financial services (micro financing and insurance), investment banking, securities brokerage and research, AI and technology, mineral and resource management, digital and cryptocurrency ecosystems, and mobility.
Companies under 2PointZero include Abu Dhabi-based private investment firm Chimera Investments – which recently sponsored and anchored ADC Acquisition Corporation, the first regional special purpose acquisition company (Spac) – as well as its subsidiaries Lunate and Beltone.
Lunate, which manages more than Dh400 billion in assets, last month launched the Alterra private climate investment vehicle at Cop28, which aims to raise $250 billion globally in the next six years to create a fairer climate finance system.
Meanwhile, Egypt-listed Beltone Holding, a financial services provider, recently raised 10 billion Egyptian pounds ($323.6 million) "in the largest capital increase in the history of the Egyptian Stock Exchange".
Also part of 2PointZero will be Abu Dhabi-headquartered International Resources Holding (IRH), which focuses on energy transition minerals and resources such as copper, cobalt, nickel, lithium, 3T (tin, tantalum and tungsten), manganese and graphite.
Recently, IRH signed a $1.1 billion investment agreement for a 51 per cent stake in Zambia's Mopani Copper Mines. The company has more than 20 assets under negotiation and more than 22,000 square kilometres under exploration in various countries.
Sagasse Investments, which has total assets of Dh8 billion as of 2023, and Citadel Technologies, which operates a crypto mining plant in Abu Dhabi and specialises in Bitcoin extraction, are among other businesses in the new holding company.
The new company, 2PointZero, will use IHC's "expertise and acumen" to operate at an "unprecedented scale", said Syed Shueb, IHC’s chief executive.
IHC, founded in 1998 as part of a move to diversify and develop non-oil business sectors in the UAE, is among the most valuable listed holding companies in the Middle East.
It comprises more than 500 subsidiaries and 107,000 employees and plans to expand and diversify its holdings across asset management, health care, property and construction, marine and dredging, IT and communications, financial services, food production, utilities and services.
Among its subsidiaries are Alpha Dhabi Holding, Q Holding, International Securities, Al Seer Marine and Multiply Group.
IHC reported a net profit of Dh4.13 billion for the third quarter of last year, with revenue for the three months up nearly 14 per cent yearly to about Dh14.15 billion.
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
Unresolved crisis
Russia and Ukraine have been locked in a bitter conflict since 2014, when Ukraine’s Kremlin-friendly president was ousted, Moscow annexed Crimea and then backed a separatist insurgency in the east.
Fighting between the Russia-backed rebels and Ukrainian forces has killed more than 14,000 people. In 2015, France and Germany helped broker a peace deal, known as the Minsk agreements, that ended large-scale hostilities but failed to bring a political settlement of the conflict.
The Kremlin has repeatedly accused Kiev of sabotaging the deal, and Ukrainian officials in recent weeks said that implementing it in full would hurt Ukraine.
Killing of Qassem Suleimani
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Defending champions
World Series: South Africa
Women’s World Series: Australia
Gulf Men’s League: Dubai Exiles
Gulf Men’s Social: Mediclinic Barrelhouse Warriors
Gulf Vets: Jebel Ali Dragons Veterans
Gulf Women: Dubai Sports City Eagles
Gulf Under 19: British School Al Khubairat
Gulf Under 19 Girls: Dubai Exiles
UAE National Schools: Al Safa School
International Invitational: Speranza 22
International Vets: Joining Jack
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
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
Teachers' pay - what you need to know
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
The 12 Syrian entities delisted by UK
Ministry of Interior
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UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
