International Holding Company (IHC), one of Abu Dhabi’s leading business conglomerates, said it has completed the purchase of a 45 per cent stake in Alpha Dhabi Holding (formerly Trojan Holding).

 

With this deal, IHC will become a shareholder in Aldar Properties as Alpha Dhabi had bought a key stake in the Abu Dhabi developer last month. The transaction follows the IHC board meeting disclosure last month.

 

CEO and Managing Director Syed Basar Shueb said: "The acquisition of a substantial stake in Alpha Dhabi Holding will add a significant scale to IHC, 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."

 

Alpha Dhabi Holding was set up in 2008 with a focus in the real estate and construction sector. It had recently embarked on building a diversified portfolio that manages, deploys and organises a variety of entities within the construction, hospitality, industrial and capital verticals. 

 

This includes a stake in leading UAE real estate company Aldar Properties, which was acquired in late March through its subsidiary Sublime Commercial Investment from Mubadala Investment Company.

 

Alpha Dhabi, which employs over 22,000 people, is involved in the development of a wide range of projects, including mixed-use and high-rise property, mass housing and infrastructure.

 

Managing Director Engineer Hamad Al Ameri said: "The transaction places us in a unique position to capitalise on IHC’s robust institutional backing, as we pursue further growth. 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.”

 

IHC was founded in 1998 as part of an initiative to grow non-oil business sectors in UAE. Comprising over 30 entities, it seeks to expand and diversify its holdings across a growing number of sectors, including real estate, agriculture, healthcare, F&B, utilities, industries, IT and communications, retail, leisure and capital.-TradeArabia News Service