Dubai: A 49 per cent stake in Alpha Dhabi Construction Holding is being sold to ADQ, the Abu Dhabi investment group. The stake is currently held by Alpha Dhabi Holding, itself part of the other major Abu Dhabi holding company IHC.
ADH will continue to retain 51 per cent in the construction company.
Alpha Dhabi Construction Holding – which features Trojan Construction as a subsidiary – has done projects such as the Zayed National Museum and the Guggenheim Museum. It has also been involved in providing ‘critical infrastructure such as the national railway network’. There have also been projects done for major property developers Aldar, Modon and Emaar.
The size of UAE construction market is estimated at $41 billion in 2024 and expected to grow to over $50 billion by 2029. The construction sector in Abu Dhabi has been 'growing by 14.3 percent and contributing Dh25 billion to the emirate’s GDP in the third quarter of 2023'.
"This collaboration allows us to deepen our commitment to national development, enabling us to tackle complex, large-scale projects with a keen focus on safety, quality, and timely delivery," said Hamad Al Ameri, CEO and Managing Director of ADH and the newly appointed Chairman of ADCH. "We are poised to set new benchmarks in the dynamic construction industry.”
