Alpha Dhabi Holding buys 25% stake in Al Qudra Holding
Acquisition part of sustainable growth strategy, says Alpha Dhabi Holding
Alpha Dhabi Holding, a UAE-based conglomerate and investment company, has announced the acquisition of 25.24% shareholding in Al Qudra Holding as part of its AED8 billion ($2.2 billion) strategic investment plan across several key sectors in the emirates.
Al Qudra Holding is an Abu Dhabi-based private joint stock company which has grown significantly by focusing on sustainable development in the region and creating value by investing in fundamental growth sectors.
Through the move, Alpha Dhabi Holding aims to consolidate its position as a contributor to the economy of the UAE in alignment with the nation’s ‘Projects of the 50’ series of initiatives. The deal follows the acquisition of Tamouh Investments from International Holding Company, last month, with consideration of mandatory convertible bonds worth AED2.25 billion, which will be converted into issued share capital of Al Qudra.
In a statement, the Emirati group said it has allocated the budget of AED8 billion for investments in promising sectors inside and outside the UAE.
Speaking on the announcement, Alpha Dhabi Managing Director and CEO Hamad Salem Mohamed Al Ameri said: “We are constantly reviewing our portfolio in line with the board’s strategic directives and looking at ways in which we can optimize it.”
“Al Qudra’s business strategy is a perfect fit for us, and this acquisition will add considerable shareholder value as we continue investing in carefully selected industries with sustainable growth potential, as the company is active in unique investment opportunities and has facilitated the development of various projects that meet the local and regional market needs,” he added.
