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.
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
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THE 12 BREAKAWAY CLUBS
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
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Mar 16: Lille(A)
Mar 19: Middlesbrough(A)
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Turkish Ladies
Various artists, Sony Music Turkey
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