Abu Dhabi state holding company ADQ will take a 50 percent stake in International Holding Co.’s subsidiary, Eltizam Asset Management. 

IHC issued shares worth 111.6 million dirhams ($30.4 million) in Eltizam to ADQ as part of the deal, according to a statement on Abu Dhabi Securities Exchange on Sunday.

Roque Solabarrieta, Investment Director, at ADQ commented: “Eltizam has a proven record as a successful business model and has an accretive value to ADQ’s portfolio.”

ADQ, formerly known as Abu Dhabi Development Holding Co, manages $110 billion in assets and has investments in a broad portfolio of businesses, including the companies that operate Abu Dhabi Ports, Abu Dhabi Airport, the Abu Dhabi Securities Exchange and major industrial assets such as Emirates Steel.

IHC, which is the highest valued company on ADX this year, is active in a range of sectors including food, property and leisure.

Eltizam is a physical asset management companies in the UAE and broader GCC providing a suite of strategic management and real estate services. It recently acquired Inspire Integrated which specializes in infrastructure and real estate solutions, facilities management, and project delivery services.

(Writing by Brinda Darasha; editing by Daniel Luiz)

brinda.darasha@refinitiv.com

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