ABU DHABI, International Holding Company (IHC) has announced today the acquisition of a majority and controlling stake in Al Qudra Holding PJSC (AQH).
The acquisition will enable IHC to broaden its portfolio in the real estate, services, and hospitality area. Al Qudra Holding has built out a large portfolio of customers since its founding in 2005, including Manarah Bay, a multi-usage project covering about 52,000 square metres, in Abu Dhabi and Barary Ain Al Fayda Development in Al Ain, a project comprises 2,500 residential units.
The company currently has more than 12 subsidiaries spread across real estate, services, hospitality, investments and oil and gas sectors.
Sheikh Abdulla bin Mohamed bin Butti Al Hamed, Chairman of Al Qudra Holding said, “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. To date, the company has put forward unique investment opportunities and facilitated the development of various projects that meet the local and regional market needs.”
Al Qudra Holding PJSC operates as an investment holding company. Through its subsidiaries, Al Qudra focuses its investments and strategic partnerships in nationally essential sectors, such as oil and gas, banking, and finance. As part of its diversification strategy, the company has investments in selected industries, such as real estate, services, and hospitality.
For his part, Syed Basar Shueb, CEO and Managing Director of IHC, said, “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.”
Earlier this month, IHC approved the merger of Al Tamouh Investments and Al Qudra Holding, while Al Qudra Holding issued a Mandatory Convertible Bond (“MCB”) to the shareholders of Al Tamouh Investments, and the Board of Directors of Al Qudra Holding has approved a new foreign ownership limit of 30 percent of outstanding shares, subject to regulatory approvals.
Source: Emirates News Agency