The UAE Stock That's Up 70% in Three Weeks and Nobody Knows Why

Apr 08 2021, 4:38 PM
April 08 2021, 1:30 AM
April 08 2021, 4:38 PM
(Bloomberg) --
(Bloomberg) --
By most standards, the recent performance of International Holdings Co. PJSC has been an investor’s dream.
Shares in the Abu Dhabi-based group have jumped more than 70% since March 22 in an uninterrupted 13-day winning streak that’s propelled the company’s value past the $40 billion mark for the first time, higher even than the United Arab Emirates’ biggest bank.
Yet IHC, which enjoys the backing of Abu Dhabi’s ruling family and has investments ranging from Elon Musk’s SpaceX to a local fishery company, isn’t for the timid. All but a fraction of the shares are concentrated among Emiratis, not a single analyst covers the company and few observers want to guess at what’s behind the ballooning share price.

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