Business | Property
Hydra Properties diversifies portfolio with stake in holding firm
Hydra Properties has acquired a 47.43 per cent stake in ASMAK, a holding company in the UAE and Middle East region whose business activities span major investments in various sectors.
- Staff Report
- Published: 16:28 October 13, 2008
Dubai: Hydra Properties has acquired a 47.43 per cent stake in ASMAK, a holding company in the UAE and Middle East region whose business activities span major investments in various sectors.
ASMAK has also entered into the property development sector through the recent establishment of its fully owned subsidiary, Emirates Stallions Properties, in Abu Dhabi.
With associates and subsidiaries in the GCC states and Europe and new ventures on the horizon, ASMAK is gradually expanding its operations throughout the Middle East, Arabian Gulf and the Western Indian Ocean with well diversified business activities aiming to achieve sustainable growth in terms of revenue and profitability in order to enhance shareholders' wealth.
Dr. Sulaiman Al Fahim, CEO of Hydra Properties said: "We at Hydra Properties consider the fishing industry as very integral to the UAE economy, and giving a shot in the arm for this crucial sector is our responsibility."
As part of the recent consolidation of equities, Hydra Properties has increased its stake in ASMAK to 47.43 per cent after converting convertible notes of Dh140 million into shares.
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