The International Holding Company (IHC) has entered into a strategic partnership with Abu Dhabi Development Holding Company (ADQ), for a 50% stake in IHC subsidiary, Eltizam Asset Management Group, for AED 111.6 million through a new shares issuance.
Founded in 2009, Eltizam is among the leading physical asset management companies in the UAE and broader GCC. Eltizam provides its clients throughout the region with an integrated suite of strategic management and real estate services, and recently acquired Inspire Integrated which specializes in infrastructure and real estate solutions, facilities management, and project delivery services.
Ahmad Ibrahim, Head of Corporate Communication of International Holding Company, said: “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.”
Roque Solabarrieta, Investment Director, at ADQ, commented: “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.”