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ADX-listed Multiply Group makes a full play for a presence in energy and utilities. The International Energy Holding stake buy provides that. Image Credit: Supplied

Dubai: Abu Dhabi’s Multiply Group has bought up 80 per cent in International Energy Holding – its second big-ticket deal in the energy space. Earlier, Multiply put up Dh10 billion for a 7.3 per cent stake in Abu Dhabi’s utility and energy entity, TAQA.

International Energy Holding’s balance 20 per cent is with Alpha Dhabi, both part of the IHC conglomerate. Multiply itself is part of IHC's vast portfolio.

“Our investment in International Energy Holding reflects our strategy to build up our utilities vertical, which has contributed to our financial performance with steady income, considering the current macroeconomic backdrop,” said Samia Bouazza, CEO and Managing Director at Multiply Group. “The industry also offers strong growth potential as the world transitions towards clean and renewable energy.”

IEH recently acquired a 50 per cent stake in Kalyon Enerji Yatrimlari A.Ş., the Turkish clean and renewable energy company. Under IEH, Multiply Group aims to continue expanding its utilities and energy investments globally.

Multiply, which has a broad swathe of investments across sectors, also has 100 per cent ownership of PAL Cooling Holding, one of the top names in the UAE’s district cooling industry, and a Dh367 million stake in the initial public offering of DEWA, the leading fully-integrated utilities companies.