Abu Dhabi's IHC Adds Stake in Top UAE Builder With Latest Deal

(Bloomberg) -- International Holding Co., which has transformed itself into the United Arab Emirates’ second most-valuable listed company, has become one of the biggest shareholders in Abu Dhabi’s largest property developer.Abu Dhabi-based IHC said on Monday it had bought a 45% stake in Alpha Dhabi Holding, but didn’t provide details of the transaction. With the deal, IHC will become a shareholder in Aldar Properties PJSC as Alpha Dhabi acquired a 12.2% stake in the developer last month.“The acquisition of a substantial stake in Alpha Dhabi Holding will add a significant scale to IHC,” Chief Executive Officer Syed Basar Shueb said in a statement. “The move will increase and diversify our investment vertical, as we continually seek strategic partnerships with local and international players.”IHC had started talks to buy Alpha Dhabi, then known as Trojan Holding, in March. The company has amassed a portfolio spanning real estate to utilities and health care to food services through a flurry of deals and its shares have soared more than 110% this year.Its market capitalization of about $43 billion is the second biggest in the UAE, only behind Emirates Telecommunications Group Co PJSC and higher even than the country’s biggest bank. IHC shares were up 3.4% as of 11 a.m. local time.IHC is ultimately controlled by the Royal Group, a conglomerate that lists Sheikh Tahnoon Bin Zayed Al Nahyan as chairman. Sheikh Tahnoon is the brother of Abu Dhabi’s crown prince, Mohammed bin Zayed al Nahyan, who is considered the emirate’s de facto ruler.About Alpha Dhabi:Established in 2008 with a focus in the real estate and construction sectorEmploys more than 22,000 peoplePortfolio manages entities within the construction, hospitality, industrial and capital verticals(Adds stock performance on Tuesday in 5th paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Related Keywords

Abu Dhabi ,Alpha Dhabi ,Syed Basar Shueb ,Sheikh Tahnoon ,Zayed Al Nahyan ,Bloomberg ,Aldar Properties ,Royal Group ,Alpha Dhabi Holding ,International Holding Co ,Trojan Holding ,United Arab Emirate ,Executive Officer Syed Basar Shueb ,Sheikh Tahnoon Bin Zayed Al Nahyan ,United Arab Emirates ,Listed Company ,தபி ,ஆல்பா தபி ,ஸேயெட் அல் நஹ்யான் ,ப்ளூம்பெர்க் ,ஆல்டார் ப்ராபர்டீஸ் ,அரச குழு ,ஆல்பா தபி வைத்திருத்தல் ,சர்வதேச வைத்திருத்தல் இணை ,ட்ரோஜன் வைத்திருத்தல் ,ஒன்றுபட்டது அரபு அமீரகம் ,ஒன்றுபட்டது அரபு அமீரகங்கள் ,பட்டியலிடப்பட்டுள்ளது நிறுவனம் ,