Abu Dhabi-based investment company, International Holding Company (IHC), announced on Monday the acquisition of a majority and controlling stake in Al Qudra Holding.
The acquisition will enable IHC to broaden its portfolio in the real estate, services and hospitality sectors, it said in a statement.
Al Qudra Holding has built out a large portfolio of customers since its founding in 2005, including Manarah Bay, a multi-usage project covering about 52,000 square metres in Abu Dhabi and Barary Ain Al Fayda Development in Al Ain, a project comprises 2,500 residential units.
The company currently has more than 12 subsidiaries spread across real estate, services, hospitality and oil and gas sectors.
Syed Basar Shueb, CEO and managing director of IHC, said: “Finding a business that has the potential to grow substantially can be challenging, this year, IHC has been further strengthening its successful investment approach, with some of the best-in-market companies.
“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. We are thrilled by the potential for being a majority shareholder of Al Qudra Holding and the team and the scale they bring to the table.”
Earlier this month, IHC approved the merger of Al Tamouh Investments and Al Qudra Holding.
Sheikh Abdulla Bin Mohamed Bin Butti Al Hamed, chairman of Al Qudra Holding said: “Al Qudra Holding is at a very exciting juncture in its history, with IHC being a majority shareholder, we are well-positioned to accelerate and further strengthen all ongoing projects in all areas.”
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