UAE-based conglomerate Alpha Dhabi Holding has become the “parent company” of Abu Dhabi real estate giant Aldar Properties PJSC, by increasing stake and reaffirming itself as the largest shareholder, the company said today.

The holding company said in a statement to Abu Dhabi Securities Exchange (ADX) that it increased its stake in Aldar but did not disclose by what percentage.

Alpha Dhabi last increased its stake in Aldar to 30 percent in January 2022.

Eng. Hamad Al Ameri, CEO of Alpha Dhabi Holding, said: “As a long-term strategic shareholder, Alpha Dhabi will continue to support Aldar’s management team as they execute its transformational growth agenda.

“The macro-economic environment across the UAE and the region remains strong, supported by a rise in oil prices and with it, sustained economic growth. There have been a number of economic, social and regulatory policies and initiatives that have bolstered the UAE’s status as a premier destination to live, work and visit, thereby increasing the demand for real estate.

“The result is an in-demand asset class across the UAE, the key market in which Aldar operates, as well as new markets it has recently entered into such as Egypt.”

Aldar’s corporate governance report for 2021 shows that as sy December 31, 2021, the largest single shareholder was Mubadala Investment Company entity Mamoura Diversified Global Holding, with a 25 percent stake.

(Writing by Imogen Lillywhite; editing by Seban Scaria)