- Board of Directors of Al Qudra Holding approve new foreign ownership limit of 30%
Abu Dhabi, UAE: International Holding Company (IHC) has formally agreed the merger of its subsidiary Al Tamouh Investments with Al Qudra Holding.
The transaction will be completed through the transfer of shares in Al Tamouh Investments in return for unsecured mandatory convertible bonds issued by Al Qudra Holding.
In parallel, the Board of Directors of Al Qudra Holdings has approved a new foreign ownership limit of 30% of outstanding shares, subject to regulatory approvals. Previously, only UAE nationals were permitted to own shares in the company.
Syed Basar Shueb, CEO & Managing Director and Board Member of IHC, said: “This transaction brings together two significant investment companies, active in major sectors across the region, including real estate and hospitality. We believe this provides a solid financial and operational platform for further growth.”
Abdulla Bin Mohamed Bin Butti Al Hamed, Chairman of Al Qudra Holding said: “We are pleased to be joining forces with Al Tamouh Investments through this transaction. We welcome IHC as a cornerstone investor to Al Qudra, while our decision to introduce the potential for foreign ownership paves the way for a widening of the shareholder base in future.”
Based in Abu Dhabi, Tamouh is a real estate developer launched in 2007 with ambitious projects to shape the future of the capital. The company is a primary developer of a number of key projects including Marina Square, the City of Lights, Fantasy Island, Meena Hotel and Towers, and the Royal Group Headquarters.
Al Qudra Holding PJSC operates as an investment holding company. Through its subsidiaries, Al Qudra focuses its investments and strategic partnerships in nationally essential sectors, such as oil and gas, banking and finance. As part of its diversification strategy, the company has investments in selected industries, such as real estate, services and hospitality.
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International Holding Company (IHC)
IHC was founded in 1998, as part of an initiative to diversify and grow non-oil business sectors in the UAE. Adhering to ‘Abu Dhabi’s Vision 2030’, the ADX listed company endeavours to implement sustainability, innovation, and economic diversification initiatives across what is now one of the region’s largest conglomerates. IHC has a clear objective of enhancing its portfolio through acquisitions, strategic investments, and business combinations. Comprising more than 30 entities, IHC seeks to expand and diversify its holdings across a growing number of sectors, including Real Estate, Agriculture, Healthcare, Food and Beverage, Utilities, Industries, IT and Communications, Retail and Leisure, and Capital.
With a core strategy to enhance shareholder value and achieve growth, IHC drives operational synergies and maximizes cost efficiencies across all verticals – it also continues to evaluate investment opportunities through direct ownership and entering partnerships in the UAE and abroad. As the world changes, and new opportunities arise, IHC remains focused on resilience, innovation and redefining the marketplace for itself, its clients, and its partners.
Al Qudra Holding
Al Qudra Holding is a private joint stock company based in the Emirate of Abu Dhabi, United Arab Emirates, that aims to become a leading, globally recognized and preferred investment business partner. Throughout the years, the company has grown significantly by focusing on sustainable development in the region and creating value by investing in fundamental growth sectors.
Today, Al Qudra Holding is determined to maximize wealth creation by investing into carefully selected industries with sustainable growing income: Real Estate, Services, Hospitality, as well as Diversified Investments. Furthermore, Al Qudra Holding has put forward unique investment opportunities and facilitated the development of various projects that meet the local and regional market needs. Al Qudra Holding stands for steadfast growth. It has tenaciously upheld the economic and social interest of its shareholders, customers, employees and the community as a whole and is rooted in its commitment to continue doing so.
Media Contacts
IHC
Ahmad Ibrahim
Corporate Communication & Media Manager
Ahmad.ibrahim@ihcuae.com
© Press Release 2021
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