Abu Dhabi’s International Holding Company (IHC) has completed a Dh7.3 billion ($2bn) investment deal with India’s Adani Group that is led by billionaire industrialist Gautam Adani.
As part of the transaction, IHC is investing in three green-focused companies of the Adani Group including Adani Green Energy, Adani Transmission and Adani Enterprises, which are all listed on the Bombay Stock Exchange and National Stock Exchange of India.
IHC made the statement on Tuesday to the Abu Dhabi Securities Exchange (ADX), where its shares are traded. The deal was first announced on April 28.
"This strategic expansion of our business aligns with IHC's commitment to broadening and diversifying our investment portfolio,” said Syed Basar Shueb, chief executive and managing director of IHC. "There is no doubt that this transaction will directly and positively impact India's overarching ambition for long-term plans for clean energy.”
India, Asia’s third-largest economy, aims to boost its non-fossil fuel capacity by 500 gigawatts by 2030 and IHC’s investment “will support and accelerate Adani Group’s growth plan to supply the country with 45 gigawatts by 2030”, the company said.
The deal is also expected to further strengthen economic ties between the UAE and India as they focus on increasing non-oil trade to $100bn in five years, after the signing of the Comprehensive Economic Partnership Agreement this year.
“The deal represents 4.87 per cent of the total trade between the UAE and India, which has reached $41bn between 2020 and 2021,” Mr Shueb said. “The partnership between IHC and Adani Group greatly reflects the economic ties between the UAE and India beyond the oil sector.”
IHC is majority-owned by Abu Dhabi's PAL group of companies. The conglomerate includes more than 30 entities with 22,345 employees and is diversifying its holdings across property, agriculture, health care, food and beverage, utilities, retail and leisure sectors.
It is also included in the FTSE ADX 15 Index, which represents the top 15 largest and most liquid companies on the ADX.
Last year, IHC snapped up a controlling stake in Abu Dhabi investment company Al Qudra Holding and a 60 per cent share of Afkar Financial and Property Investments.
It also holds a 48 per cent share in Emirates Driving Company and a 60 per cent interest in Royal Horizon Holding and its subsidiaries, among others.
“This transaction marks the further strengthening of the India-UAE relationship and highlights the long history of business and trust between our peoples,” said Sagar Adani, executive director of Adani Green Energy.
The transaction was facilitated through First Abu Dhabi Bank and Standard Chartered Bank in co-ordination with UAE corporate law group Norton Rose and Indian company AZB Partners, IHC said.
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
The Prison Letters of Nelson Mandela
Edited by Sahm Venter
Published by Liveright
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Background: Chemical Weapons
Crops that could be introduced to the UAE
1: Quinoa
2. Bathua
3. Amaranth
4. Pearl and finger millet
5. Sorghum
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
The biog
Hometown: Cairo
Age: 37
Favourite TV series: The Handmaid’s Tale, Black Mirror
Favourite anime series: Death Note, One Piece and Hellsing
Favourite book: Designing Brand Identity, Fifth Edition
Like a Fading Shadow
Antonio Muñoz Molina
Translated from the Spanish by Camilo A. Ramirez
Tuskar Rock Press (pp. 310)
