Abu Dhabi-based International Holding Company (IHC) said it completed a 45 per cent stake purchase in Alpha Dhabi Holding (ADH), a growing real estate and construction sector focused company.
No value for the transaction, which comes after IHC's board meeting disclosure on March 4, 2021, was provided.
"The acquisition of a substantial stake in Alpha Dhabi Holding will add a significant scale to IHC," Syed Basar Shueb, IHC's chief executive, said in a statement to the Abu Dhabi Securities Exchange, where the company's shares trade.
"The move will increase and diversify our investment vertical, as we continually seek strategic partnerships with local and international players and further strengthen our leadership position in the marketplace."
IHC, which is 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. The company acquired a stake in California-based aerospace company SpaceX through a private equity fund, and has invested in UK-based DNA sequencing firm Oxford Nanopore technologies and New York digital marketing company Yieldmo.
Alpha Dhabi Holding, formerly known as Trojan Holding, has been building a wider portfolio, acquiring businesses in hospitality and industrial sectors and
In March, ADH's subsidiary Sublime Commercial Investment, bought a 12.21 per cent stake in Aldar Properties, the UAE's biggest listed developer, from Mubadala Investment Company for Dh3.5 billion ($953 million).
The latest transaction "places us in a unique position to capitalise on IHC’s robust institutional backing, as we pursue further growth, said Hamad Al Ameri, managing director of ADH.
"We are building a diversified portfolio in line with the UAE’s ambitions to promote private sector development. We look forward to working closely with IHC in the next phase of our journey.”
Alpha Dhabi employs over 22,000 people. The company develops a large range of projects, including mixed-use and high-rise property, mass housing and infrastructure.
THE%20SWIMMERS
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UAE currency: the story behind the money in your pockets
Profile Idealz
Company: Idealz
Founded: January 2018
Based: Dubai
Sector: E-commerce
Size: (employees): 22
Investors: Co-founders and Venture Partners (9 per cent)
The biog
Favourite hobby: I love to sing but I don’t get to sing as much nowadays sadly.
Favourite book: Anything by Sidney Sheldon.
Favourite movie: The Exorcist 2. It is a big thing in our family to sit around together and watch horror movies, I love watching them.
Favourite holiday destination: The favourite place I have been to is Florence, it is a beautiful city. My dream though has always been to visit Cyprus, I really want to go there.
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
FIGHT%20CARD
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MATCH INFO
Liverpool 3
Sadio Man 28'
Andrew Robertson 34'
Diogo Jota 88'
Arsenal 1
Lacazette 25'
Man of the match
Sadio Mane (Liverpool)
