Alpha Dhabi Holding, a subsidiary of Abu Dhabi-based International Holding Company (IHC), has fully acquired Murban, a privately-owned investment company with AED1.7 billion ($462.8 million) in equity, UAE state news agency WAM reported.
Abu-Dhabi based Murban is primarily involved in the hospitality industry, with current assets including the St Regis at Saadiyat, Al Wathba Luxury Collection Desert Resorts and the Le Noir Café brand. Earlier in March, Murban signed an agreement with the Aceh Governor to build a luxury resort in Aceh province, Indonesia.
Alpha Dhabi has a strong hospitality development division, having previously built hotels in the UAE, Morocco, Russia, and the UK. The acquisition will help accelerate Alpha Dhabi’s diversification strategy as it looks to expand its portfolio.
Chairman of Alpha Dhabi Holding, Mohamed Thani Murshed Al Rumaithi, said: “We are excited by the opportunity to accelerate our global exposure with our investment in Murban, which has a highly complementary business and asset portfolio.”
“Murban is a dynamic platform on which to build our private and public equity exposure on the international markets. In addition, Murban has an excellent portfolio of hospitality developments and we are thrilled to be working together to gain access to new markets,” he stated.
In addition to gaining a prominent portfolio of hospitality assets, Murban also owns a 33 percent equity interest in Canal Sugar S.A.E, the largest beet sugar development project in the world; and a minority stake in Klarna, one of Europe’s leading fintech ‘buy now pay later’ firms as well as other financial products.
Hamad Al Ameri, managing director, of Alpha Dhabi Holding, said: “This transaction places us in a unique position to cease new opportunities across different markets through Murban’s rich asset portfolio, as we pursue further growth.”
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