The UAE market experienced much turbulence in 2020… and yet it was a year that witnessed several acquisitions and consolidation plays. On a macro level, the market has reached a recovery phase, with Abu Dhabi Securities Exchange recording a weekly growth of 6.54 per cent and Dubai Financial Markets by 1.23 per cent for the week ending January 21.
The holding company IHC, established in 1999, generated strong revenues in the third quarter, and had a market value of Dh71.05 billion. Its stock surged approximately 622 per cent last year and outperformed the ADX General Index by quite a distance.
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In December, the firm announced secondary market listings for three subsidiaries: Palms Sports, Easy Lease and Zee Stores. This seems to be part of IHC’s strategy to unlock value from its assets.