Dubai: Abu Dhabi’s IHC has one of the most diversified investment portfolio around, from SpaceX to F&B. Now, the ADX listed behemoth wants to get into the IT space ‘as part of its long-term strategy to grow its capacity in the tech industry across different sectors’.
“We are rapidly scaling our technology businesses portfolio, already raising short and long-term acquisition targets with a clear path to achieve further profitability in the next 12 months,” said Syed Basar Shueb, IHC’s CEO.
The Abu Dhabi holding company has already picked up some. IHC increased its technology deals ‘by 100 per cent’ compared to last year, crossing Dh1 billion in the first 10 months. The acquisitions included a 55 per cent stake in cybersecurity service provider CyberGate; an increase in Esyasoft ownership from 20 per cent to 42 per cent; 54 per cent in UAE-based Emircom Middle East, the leading information and communications technology (ICT) provider; and 15 per cent in Bayanat, an AI-powered geospatial tech company, which is going through an IPO ahead of an ADX presence.
“IHC’s planned tech holding company will not only focus on acquiring a majority stake in large-size tech companies, but also the small and medium tech businesses as it will hold diversified tech verticals under its umbrella, aiming to become the largest tech holding company in the Middle East and Africa region,” the statement said.