International Holding Company (IHC), the Abu Dhabi-based conglomerate, has acquired a 54 per cent stake in information and communications technology provider Emircom for Dh250 million ($68m).
The acquisition, made through its subsidiary IHC Digital, is part of the group's strategy to grow its digital assets portfolio and expand into new growth areas, IHC said in a statement on Wednesday to the Abu Dhabi Securities Exchange, where its shares are traded.
Established in Abu Dhabi in 1984, Emircom offers end-to-end digital solutions to service providers, governments, educational institutes, finance houses and healthcare organisations across the Middle East.
It also has partnerships with tech companies such as Cisco, Oracle, Dell, Palo Alto, Fortinet, F5, Software AG, Microsoft, SAS, Huawei, Schneider and HP.
The deal is subject to regulatory approvals and the completion of legal formalities, IHC said.
“We shall continue to seek further acquisitions in different industries, including the ICT area, building on our well-established track record of acquiring high-value and profitable investments that benefit our shareholders in the short- and long-term," said Syed Shueb, IHC’s chief executive.
"This acquisition of a majority stake in Emircom will help IHC Digital to continue deepening its profitability and depth in the sector.“
Majority-owned by Abu Dhabi's PAL group of companies, IHC was founded in 1998 as part of efforts to diversify and develop the UAE's non-oil business sector.
The company is rapidly expanding its portfolio through local and global acquisitions as well as investments, and currently comprises more than 30 entities with 52,345 employees.
IHC is included in the FTSE ADX 15 Index, which represents the top 15 largest and most liquid companies on the ADX.
It is diversifying its holdings across sectors, including real estate, agriculture, health care, food and beverage, utilities, industries, IT and communications, retail and leisure, and capital.
Earlier this month, IHC acquired a 15 per cent stake in UAE's healthcare services provider Burjeel Holdings for an undisclosed sum.
The move came before Burjeel's announcement this week to sell 11 per cent in the company in an initial public offering on the ADX this year.
We shall continue to seek further acquisitions in different industries, including the ICT area
Syed Shueb,
IHC’s chief executive
Last month, IHC also acquired a 50 per cent stake in Turkish renewable energy company Kalyon Enerji for Dh1.8 billion to expand its clean energy portfolio.
It is also expanding in India, Asia’s third-largest economy, and completed a Dh7.3bn investment deal with India’s Adani Group that is led by billionaire industrialist Gautam Adani.
As part of the transaction, the Abu Dhabi company is investing in three green-focused companies of the Adani Group — Adani Green Energy, Adani Transmission and Adani Enterprises, it said in May.
IHC's latest acquisition will support Emircom, which currently has about 1,000 employees, to further grow operations, said Hussain Al Nowais, chairman of Al Nowais Investments and Emircom’s shareholder.
“This acquisition brings a new dimension to Emircom, as well as adding further scale to our business growth plans in the Middle East market," he said.
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The National selections
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Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
The five pillars of Islam
1. Fasting
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Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
