International Holding Co. surged to become the most valuable listed company in the United Arab Emirates on Sunday after its unit Alpha Dhabi Holding PJSC made its trading debut in Abu Dhabi.
IHC’s shares rose 15 percent, the maximum allowed, to AED110.8. That took its market capitalisation to AED202 billion ($55bn), surpassing Emirates Telecommunications Group.
IHC has the backing of Abu Dhabi’s ruling family, with investments ranging from Elon Musk’s SpaceX to a local fishery company. It’s ultimately controlled by the Royal Group, a conglomerate that lists the UAE’s national security adviser Sheikh Tahnoon Bin Zayed Al Nahyan as chairman.
Alpha Dhabi, an investment holding company with operations spread across sectors ranging from real estate to hospitality, traded as high as AED20 in a direct listing. IHC in April bought 45 percent of Alpha Dhabi, which holds a stake in Abu Dhabi’s biggest property developer.
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