International Holding Company (IHC) has announced today the acquisition of a majority and controlling stake in Al Qudra Holding PJSC (AQH), media reports said.
The acquisition will enable IHC to broaden its portfolio in the real estate, services, and hospitality sectors, the reports said.
Al Qudra Holding, founded in 2005, has a large portfolio of customers including Manarah Bay, a multi-usage project covering about 52,000 square meters in Abu Dhabi, and Barary Ain Al Fayda Development in Al Ain, comprising 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, “With IHC being a majority shareholder, we are well-positioned to accelerate and further strengthen all Al Qudra ongoing projects in all areas.”
Al Qudra Holding operates as an investment holding company and focuses its investments and strategic partnerships in nationally essential sectors, such as oil and gas, banking, and finance, through its subsidiaries, the reports said.
As part of its diversification strategy, the company has investments in selected industries, such as real estate, services, and hospitality, local reports have said.
Syed Basar Shueb, CEO and Managing Director of IHC, said, “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.”
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, the reports said.