Abu Dhabi-based International Holding Company’s subsidiary Apex Holding has agreed on a new sale and purchase deal with Ras Al Khaimah Cement Investment Company (RAK CIC) to help boost its growth.
RAK CIC will acquire all the shares of IHC and Chimera Investments in Apex Holding through the issuance of bonds worth Dh3.05 billion ($830 million), which are mandatorily convertible into shares in the company, IHC said in a statement on Thursday to the Abu Dhabi Securities Exchange, where its shares are traded.
This agreement “will help drive Apex Holding's next phase of the growth plan”, Shehzad Janab, the company's chief executive, said. “The combined businesses will have a more diverse business offering and customer base than either individual entity.”
Apex Holding is a diversified business with investments in different sectors such as food and beverage, facility management, construction, IT and data analytics.
RAK CIC, a cement manufacturing firm, listed on Abu Dhabi bourse, serves customers in the UAE as well as in international markets.
“The proposed transaction provides an opportunity to strengthen RAK CIC’s financial performance through the robust financial position of Apex Holding,” Ahmed Al Nuaimi, general manager of RAK CIC, said.
“The resulting business will enjoy improved profitability, cash position and ability to raise financing thus improving utilisation of the excellent infrastructure of both entities”.
The transaction was approved by the board members of RAK CIC during a board meeting and is subject to regulatory approvals. RAK CIC’s name has also been changed to Apex Investment, according to the statement.
Separately, another subsidiary of IHC, Al Seer Marine, said it has launched a new business unit focused on 3D printing.
The unit will use "the latest additive manufacturing technologies for the company’s in-house manufacturing of unmanned vessels and vehicles", Al Seer Marine said.
The new division will also develop large-scale additive manufacturing products and parts that are in high demand regionally and globally.
The global 3D printing market was valued at $13.78bn in 2020 and is expected to grow 21 per cent annually from 2021 to 2028, according to Grand View Research.
With total assets of Dh6bn, Al Seer Marine provides various services including the manufacturing of vessels and yacht management.
Listed on the ADX since 2005, Abu Dhabi-based IHC, which is majority-owned by Abu Dhabi's PAL group of companies, has expanded its operations to include real estate, health care, food and agriculture. It has made a number of new investments in recent times.
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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
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Most memorable achievement: Leading my first city-wide charity campaign in Toronto holds a special place in my heart. It was for Amnesty International’s Stop Violence Against Women program and showed me the power of how communities can come together in the smallest ways to have such wide impact.
Favourite film: Childhood favourite would be Disney’s Jungle Book and classic favourite Gone With The Wind.
Favourite book: To Kill A Mockingbird for a timeless story on justice and courage and Harry Potters for my love of all things magical.
Favourite quote: “We make a living by what we get, but we make a life by what we give.” — Winston Churchill
Favourite food: Dim sum
Favourite place to travel to: Anywhere with natural beauty, wildlife and awe-inspiring sunsets.
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Champions League quarter-final, first leg
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In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
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