Abu Dhabi's International Holding Company has entered into a definitive agreement to sell off its $2 billion foreign direct investment stake in two Adani Group companies, citing a rebalancing strategy of its overall portfolio.
IHC, through its Green Energy Investment Holding and Green Transmission Investment Holding units, reached the deal with an unnamed buyer to unload its investment in Adani Green Energy and Adani Transmission, IHC said on Thursday in a statement to the Abu Dhabi Securities Exchange, where its shares trade.
"The company is currently completing all required procedures and obtaining all necessary regulatory approvals to implement the signed transactions," it said.
The structure and other terms of the agreement were not disclosed.
IHC, the UAE's most valuable listed company, made the investment in April last year in the Indian business conglomerate led by billionaire industrialist Gautam Adani.
As part of that deal, IHC invested in three green-focused companies of the Adani Group – Adani Green Energy, Adani Transmission and Adani Enterprises – which are all listed on the Bombay Stock Exchange and National Stock Exchange of India.
At the time, IHC said that it was "a long-term investment in India as the country is driving much innovation globally, including the green energy sector".
Adani Group is emerging from a firestorm triggered by a January report from Hindenburg Research, which accused the Ahmedabad-based company of stock manipulation and improper use of offshore tax havens, as well as raising concerns about its high level of debt.
Adani Group has vigorously denied all the allegations. Earlier this month, it released a statement saying that its financial status remained unaffected and it has "rebounded strongly since the release of a short-selling report in January 2023", without mentioning New York-based Hindenburg.
IHC, whose subsidiaries include Alpha Dhabi Holding, Q Holding, International Securities, Al Seer Marine and Multiply Group, has made several strategic investments in recent quarters to further expand its asset base.
It has investments in sectors including clean energy, food and agriculture, health care, property, information technology and artificial intelligence in 20 countries across Asia, Africa, Europe and the Americas.
Last month, IHC reported a more than 62 per cent jump in second-quarter net profit to Dh4.56 billion ($1.24 billion), as revenue grew 13 per cent annually to about Dh13 billion.
At the time, it also said that its strategy is now inclined towards more domestic business acquisitions, leveraging the UAE's stable economic environment, investor-friendly government policies, strategic location, tax incentives and diverse property market.
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
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
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Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
Itcan profile
Founders: Mansour Althani and Abdullah Althani
Based: Business Bay, with offices in Saudi Arabia, Egypt and India
Sector: Technology, digital marketing and e-commerce
Size: 70 employees
Revenue: On track to make Dh100 million in revenue this year since its 2015 launch
Funding: Self-funded to date
