Abu Dhabi-based investment company International Holding Co. (IHC) said on Monday it has acquired a majority and controlling stake in Al Qudra Holding, following the completion of merger between Al Qudra and Al Tamouh Investments.
The acquisition will enable IHC to broaden its portfolio in the real estate, services, and hospitality area, it said in a statement.
Abu Dhabi-based investment holding company, Al Qudra Holding's portfolio includes Manarah Bay, a multi-usage project covering about 52,000 square meters, in Abu Dhabi and Barary Ain Al Fayda Development in Al Ain, a project comprises 2,500 residential units. The company currently has more than 12 subsidiaries spread across various sectors.
Syed Basar Shueb, CEO and Managing Director of IHC, said the acquisition comes in line "with this year's disclosed IHC investment plan across several sectors, including the real estate area, which will create immediate growth and value to our shareholders."
Earlier this month, IHC approved the merger of Al Tamouh Investments and Al Qudra Holding.
(Reporting by Brinda Darasha; editing by Seban Scaria)
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