Abu Dhabi contractor Trojan Holding rebrands to Alpha Dhabi Holding and changes business model

Also aims to sell 45 per cent equity stake to Abu Dhabi's International Holding Company

Abu Dhabi, U.A.E., February 12, 2019. Sunny but chilly weather at the Corniche.
-- (Probable Big Picture) Watersports enthusiasts enjoy the beautiful weather.
Victor Besa/The National
Section:  NA
Reporter:   Mustafa AlRawi
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Abu Dhabi construction company Trojan Holding has been rebranded to Alpha Dhabi Holding and become an investment company.

The company, which has been acquiring businesses in hospitality and industrial sectors, is also aiming to sell a 45 per cent equity stake to International Holding Company, it said late on Tuesday.

The move is in line with the company's plans to "strengthen the competitiveness of its business from a medium to long-term perspective".

The announcement follows Alpha Dhabi Holding's subsidiary Sublime Commercial Investments' deal to acquire a 12.21 per cent stake in listed developer Aldar Properties from Mubadala Investment Company.

The deal, which involved the transfer of 960 million shares in a block trade, “is one of the largest private share purchases in a UAE-listed company and was carried out by International Securities and ADCB Securities", Mubadala said at the time.

An Alpha Dhabi Holding spokesman said: “Over the past decade, we have transformed our group, both operationally and financially."

The deal to acquire a stake in Aldar Properties "falls in line with the future strategy of Alpha Dhabi Holding to increase its capital and diversify its investment portfolio, and also reaffirm its strong presence in the local real estate market".

Trojan Holding had a number of companies, including Trojan General Contracting and National Projects and Construction.

Its companies have carried out over 100 contracts of all sizes in the UAE, its website says.

It also owns subsidiaries dealing with mechanical, electrical and plumbing contracting, cladding, steel and aluminium fabrication, and pre-cast and ready-mix concrete.

Trojan's contracting arm has previously won deals to work on projects by leading UAE developers such as Aldar, Emaar Properties and Nakheel.

The group briefly considered a merger with construction company Arabtec in 2019.