Abu Dhabi-based largest holding company ADQ has acquired a 50 percent stake in Eltizam Asset Management, a subsidiary of UAE’s International Holding Company (IHC), in order to boost its real estate portfolio.
As part of the purchase, IHC issued shares in Eltizam worth $30.4 million (Dh111.6 million) to ADQ, according to a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
“Eltizam has a proven record as a successful business model and has an accretive value to ADQ’s portfolio. We have a shared vision with IHC to further enable the company to reach its full potential in its ambition as a leader in facility and property management across the region.”
“This transaction marks a significant step in IHC’s strategy, sharpening our focus on our core vertical businesses. We are pleased to have agreed on a model that reflects Eltizam’s success and growth as part of the IHC portfolio, alongside a reliable partner, to deliver significant value for shareholders,” commented Mr. Ahmad Ibrahim, Head of Corporate Communication of International Holding Company.
Eltizam is one of the most well-known physical asset management firms in the UAE and the GCC region. It offers an integrated suite of strategic management and real estate services to its clients throughout the area.
Recently, Eltizam has acquired Inspire Integrated, which specializes in infrastructure and real estate solutions, facilities management, and project delivery services.
According to the statement, ADQ is committed to accelerating Abu Dhabi’s transformation into a globally competitive, knowledge-based economy as a key partner of the government. Last month, it entered into a definitive agreement to buy Switzerland-based pharmaceutical company Acino, marking its largest deal within the healthcare and pharmaceuticals portfolio.