Abu Dhabi, UAE– International Holding Company, the diversified Abu Dhabi-based conglomerate, has acquired a 15 percent stake in healthcare group, Burjeel Holdings.
In a bourse filing, IHC said the acquisition will “aim to continue to scale and diversify the company’s IHC’s investment in the healthcare sector locally and regionally”.
IHC’s revenue grew by 121 per cent to AED21.93 billion in the first six months of 2022, compared to the same period last year, while net profit rose 137 per cent to 10.35 billion ($2.81 billion) as compared to H1 2021.
The company invested AED7.3bn ($2bn) in the Indian conglomerate, Adani Group, and also acquired a 70 per cent stake in Arena, the global event structures and services company. It invested another AED92m into SpaceX and bought a 25 percent share in the Dubai-based trading company Invictus.
IHC was founded in 1998 as part of an initiative to diversify and develop non-oil business sectors in the UAE and has grown to become the most valuable listed holding company in the Middle East with a market cap of AED 619 billion as of 30 June 2022.
Syed Basar Shueb, Chief Executive Officer IHC, said, “We continue to see a tremendous opportunity to invest in mission-driven organizations like Burjeel Holdings.”
From his end, Dr. Shamsheer Vayalil, CEO, Burjeel Holdings said, “Having IHC onboard has a solid strategic rationale for us, as it will have a transformative impact through the addition of new capabilities, capital, and access to new markets.”
