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.
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
THE DETAILS
Solo: A Star Wars Story
Director: Ron Howard
2/5
The five pillars of Islam
1. Fasting
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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