Abu Dhabi-based International Holding Company (IHC) has formally agreed to merge its subsidiary Al Tamouh Investments with UAE-based firm, Al Qudra Holding, strengthening IHC’s position in the property and hospitality sectors.
According to a statement issued, the transaction will be completed through the transfer of shares in Al Tamouh Investments in return for unsecured mandatory convertible bonds issued by Al Qudra Holding.
Commenting on the merger, Mr. Syed Basar Shueb, Chief Executive Officer, Managing Director and Board Member of IHC, said, “This transaction brings together two significant investment companies, active in major sectors across the region, including real estate and hospitality. We believe this provides a solid financial and operational platform for further growth.”
At the same time, the Board of Directors of Al Qudra Holdings also approved a new foreign ownership limit of 30 percent of outstanding shares, subject to regulatory approval. Earlier, IHC stated that only UAE citizens were permitted to own shares in the company.
“Our decision to introduce the potential for foreign ownership paves the way for a widening of the shareholder base in future,” Mr. Abdulla bin Mohamed bin Butti Al Hamed, Chairman of Al Qudra Holding, said.
Earlier this month, the IHC board approved the sale and transfer of IHC entities’ stakes in Al Tamouh Investments to Al Qudra Holding. Founded in 2007, Al Tamouh is a real estate developer with ambitious projects to shape the future of the capital. The company is a primary developer of key projects in Abu Dhabi, including Marina Square, City of Lights, Fantasy Island and the Royal Group headquarters.
Property markets in Abu Dhabi and Dubai have rebounded strongly, as pent-up demand and supportive stimulus measures offered by the government boosted economic activity.
During the third quarter of 2021, Abu Dhabi registered $4.4 billion of property transactions and the UAE capital is bringing in more measures to attract those planning to invest and live in the city.
Al Qudra Holding, operating as an investment holding company, has investments and partnerships in sectors including oil and gas, banking and finance, through its subsidiaries. As part of its diversification strategy, the company has made investments in property, services and hospitality, among other sectors.
Thank you very much for choosing GCC Business News to be an important part of your professional life. You will receive a confirmation e-mail. Please check SPAM or UPDATES folder
