Dubai: The Abu Dhabi holding company IHC – also one of the stars on the ADX charts this year – has acquired a majority in Al Qudra Holding, the real estate firm.
The acquisition will enable IHC – or International Holding Co. - to broaden its portfolio in real estate, services and hospitality. Al Qudra’s projects include Manarah Bay, a mixed-use project covering about 52,000 square meters, in Abu Dhabi and Barary Ain Al Fayda Development in Al Ain, a project comprising 2,500 residential units.
Al Qudra Holding is at a very exciting juncture in its history. With IHC being a majority shareholder, we are well-positioned to accelerate and further strengthen all Al Qudra ongoing projects in all areas.
Early this month, IHC approved the merger of Al Tamouh Investments and Al Qudra Holding, while Al Qudrah Holding issued a Mandatory Convertible Bond to shareholders of Al Tamouh Investments. The Board of Directors of Al Qudra Holding has approved a new foreign ownership limit of 30 per cent of outstanding shares, subject to regulatory approvals. Previously, only UAE nationals were permitted to own shares in the company.
The other real estate focussed entity in the IHC portfolio is Alpha Dhabi, in which IHC owns 45 per cent.
According to Syed Basar Shueb, CEO and Managing Director of IHC, “Finding a business that has the potential to grow substantially can be challenging, this year, IHC has been further strengthening its successful investment approach, with some of the best-in-market companies. The acquisition comes in line with this year's disclosed IHC investment plan across several sectors, including the real estate area, which will create immediate growth and value to our shareholders.
"We are thrilled by the potential for being a majority shareholder of Al Qudra Holding and the team and the scale they bring to the table."