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Abu Dhabi-based conglomerate International Holding Co. (IHC) has acquired a 45 percent stake in Alpha Dhabi Holding, a real estate and construction group.
IHC, listed on Abu Dhabi stock exchange, acquired a 94 percent stake last year in Falcon CI IV LP, a Cayman Island-based fund that has invested in Elon Musk’s California-based aerospace company, Space Exploration Technology Corp (SpaceX).
Alpha Dhabi Holding, known as Trojan Holding till recently, last month acquired a stake in UAE real estate company, Aldar Properties, from Mubadala Investment Co. through its subsidiary, Sublime Commercial Investment.
Syed Basar Shueb, CEO and Managing Director of IHC, said: “The acquisition of a substantial stake in Alpha Dhabi Holding will add a significant scale to IHC, the move will increase and diversify our investment vertical, as we continually seek strategic partnerships with local and international players and further strengthen our leadership position in the marketplace.
Food and agriculture are among IHC’s key investment sectors, which also include real estate, healthcare, industrials, leisure and retail.
Hamad Al Ameri, Managing Director of Alpha Dhabi Holding, added: “We are building a diversified portfolio in line with the UAE’s ambitions to promote private sector development. We look forward to working closely with IHC in the next phase of our journey.”
(Writing by Brinda Darasha; editing by Seban Scaria)
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