Abu Dhabi-listed companies International Holding Company and Alpha Dhabi will invest a combined $50 million in aerospace company SpaceX, founded by billionaire businessman Elon Musk.
IHC, which already has stake in SpaceX, will invest $25m, while Alpha Dhabi — a subsidiary of IHC — will make a debut investment of $25m in the California-based company.
“We are pleased to announce that IHC has decided to increase the investment in SpaceX through IHC West Investment — sole proprietorship [a subsidiary of the company] for a value of $25 million,” IHC said in a statement on Tuesday to the Abu Dhabi Securities Exchange (ADX), where its shares are traded.
“The management is currently working on the completion of all necessary procedures subject to obtaining regulatory approvals,” it said.
Alpha Dhabi confirmed the investment in SpaceX through Alpha Dhabi Partners Holding, according to a regulatory filing with the ADX on Wednesday.
The deal remains subject to regulatory approval and is part of the company's focus on supporting innovation, it said.
IHC first acquired a stake in SpaceX in the second half of 2020 through private equity fund Falcon CI IV. The Abu Dhabi company bought a 94 per cent stake in the Cayman Island-based fund, which has invested in SpaceX.
In February last year, the aerospace company said in a US Securities and Exchange Commission filing that it had completed an equity funding round of $850m, increasing its valuation to roughly $74 billion.
SpaceX designs, manufactures and launches advanced rockets and spacecraft. One of the company's ultimate goals is to colonise Mars.
It is going head-to-head with Richard Branson's Virgin Galactic and Jeff Bezos's Blue Origin, which have both launched flights to space with their founders on board.
SpaceX also operates Starlink, a global satellite constellation service that provides high-speed, low-latency broadband internet.
IHC, majority-owned by Abu Dhabi's PAL group of companies, has steadily expanded its portfolio by acquiring businesses in emerging technologies, real estate and health care among others. At the end of March it included more than 30 entities, with a portfolio of 323 subsidiaries.
It is included in the FTSE ADX 15 Index, which represents the top 15 largest and most liquid companies on the ADX.
Earlier this month, it bought a 25 per cent stake in Dubai-based trading company Invictus through one of its subsidiaries.
Last month, it completed a deal to invest Dh7.3bn ($1.94bn) in the Indian business conglomerate Adani Group, which is led by billionaire industrialist Gautam Adani.
IHC also made a number of new investments last year, including acquiring a controlling stake in Abu Dhabi-based investment company Al Qudra Holding and a 60 per cent stake in Afkar Financial and Property Investments.
In April last year, it completed a 45 per cent stake purchase in Alpha Dhabi Holding and acquired a 40 per cent stake in Response Plus Medical Services, which is a unit of VPS Healthcare, for an undisclosed sum.
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The End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre
The specs: 2018 Honda City
Price, base: From Dh57,000
Engine: 1.5L, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 118hp @ 6,600rpm
Torque: 146Nm @ 4,600rpm
Fuel economy, combined: 5.8L / 100km
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The biog
Favourite hobby: taking his rescue dog, Sally, for long walks.
Favourite book: anything by Stephen King, although he said the films rarely match the quality of the books
Favourite film: The Shawshank Redemption stands out as his favourite movie, a classic King novella
Favourite music: “I have a wide and varied music taste, so it would be unfair to pick a single song from blues to rock as a favourite"
Results
International 4, United States 1
Justin Thomas and Tiger Woods (US) beat Marc Leishman and Joaquin Niemann (International) 4 and 3.
Adam Hadwin and Sungjae Im (International) beat Xander Schauffele and Patrick Cantlay (US) 2 up.
Adam Scott and Byeong Hun An (International) beat Bryson DeChambeau and Tony Finau (US) 2 and 1.
Hideki Matsuyama and C.T. Pan (International) beat Webb Simpson and Patrick Reed (US) 1 up.
Abraham Ancer and Louis Oosthuizen (International) beat Dustin Johnson and Gary Woodland (US) 4 and 3.
Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
PAST 10 BRITISH GRAND PRIX WINNERS
2016 - Lewis Hamilton (Mercedes-GP)
2015 - Lewis Hamilton (Mercedes-GP)
2014 - Lewis Hamilton (Mercedes-GP)
2013 - Nico Rosberg (Mercedes-GP)
2012 - Mark Webber (Red Bull Racing)
2011 - Fernando Alonso (Ferrari)
2010 - Mark Webber (Red Bull Racing)
2009 - Sebastian Vettel (Red Bull Racing)
2008 - Lewis Hamilton (McLaren)
2007 - Kimi Raikkonen (Ferrari)
The biog
Favourite car: Ferrari
Likes the colour: Black
Best movie: Avatar
Academic qualifications: Bachelor’s degree in media production from the Higher Colleges of Technology and diploma in production from the New York Film Academy
Know your Camel lingo
The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
Asayel camels - sleek, short-haired hound-like racers
Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s
Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival
Bio
Born in Dibba, Sharjah in 1972.
He is the eldest among 11 brothers and sisters.
He was educated in Sharjah schools and is a graduate of UAE University in Al Ain.
He has written poetry for 30 years and has had work published in local newspapers.
He likes all kinds of adventure movies that relate to his work.
His dream is a safe and preserved environment for all humankind.
His favourite book is The Quran, and 'Maze of Innovation and Creativity', written by his brother.
India cancels school-leaving examinations
RESULT
Chelsea 2
Willian 13'
Ross Barkley 64'
Liverpool 0
RESULTS
5pm: Maiden (PA) Dh80,000 1,600m
Winner: Raghida, Szczepan Mazur (jockey), Ibrahim Al Hadhrami (trainer)
5.30pm: Maiden (PA) Dh80,000 1,600m
Winner: AF Alareeq, Connor Beasley, Ahmed Al Mehairbi
6pm: Arabian Triple Crown Round-2 Group 3 (PA) Dh300,000 2,200m
Winner: Basmah, Fabrice Veron, Eric Lemartinel
6.30pm: Liwa Oasis Group 2 (PA) Dh300,000 1,400m
Winner: AF Alwajel, Tadhg O’Shea, Ernst Oertel
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 1,600m
Winner: SS Jalmod, Richard Mullen, Satish Seemar
7.30pm: Handicap (TB) Dh100,000 1,600m
Winner: Trolius, Ryan Powell, Simon Crisford