Abu Dhabi’s IHC Adds Stake in Top UAE Builder With New Deal

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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.

Abu Dhabi’s IHC Adds Stake in Top UAE Builder With New Deal

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 sector
  • Employs more than 22,000 people
  • Portfolio manages entities within the construction, hospitality, industrial and capital verticals
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