Alpha Dhabi Holding acquires Murban
UAE-based construction subsidiary of IHC acquires privately-owned investment company
Alpha Dhabi Holding, a UAE-based construction company and a subsidiary of IHC, has announced that it has acquired Murban, a privately-owned investment company that is primarily involved in the hospitality industry.
Founded in 2006, Murban is an Abu Dhabi-based investment company with $500 million in equity. Its current assets include 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 the construction company’s diversification strategy as it seeks to expand its portfolio.
Chairman 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 portfolio of hospitality assets, the acquisition of Murban also comes with a 33% equity interest in Canal Sugar SAE, the largest beet sugar development project in the world, as well as a minority stake in Klarna, a leading European fintech ‘buy now, pay later’ firm and 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.”
“We are working closely with IHC and are actively building a diversified portfolio in line with our strategic ambitions and future goals. We look forward to capitalising on our shared aspirations and synergies with Murban,” he added.
IHC intends to expand its portfolio and strengthen its market position as a major contributor to Abu Dhabi’s business landscape and the UAE economy, while Alpha Dhabi employs more than 40,000 people and is involved in the development of a large range of projects, including mixed-use and high-rise properties, mass housing and infrastructure.
CEO and Managing Director Syed Basar Shueb said: “IHC is pleased to have helped identified the synergies that Murban share with Alpha Dhabi and to bring the two companies together. As a key shareholder in the business, we look forward to supporting the management team to continue their success and build long-term shareholder value for IHC.”
“The move comes in line with our vision to develop our hospitality business and other sectors, deepening our ties locally and regionally.
“Furthermore, gaining a foothold in Canal Sugar, the world’s largest development of sustainable beet sugar, is a real plus point as we add to Abu Dhabi’s long-term food security program UAE National Food Security Strategy 2051,” he concluded.
