The 6 companies making up Abu Dhabi’s $27bn 2PointZero

Abu Dhabi conglomerate, International Holding Company (IHC), announced this week that it has established 2PointZero, a holding company that will have more than Dhs100bn ($27bn) in assets.

READ MORE: Abu Dhabi’s IHC launches mega holding company with $27bn in assets

IHC was founded in 1998 as part of an initiative to diversify and develop non-oil business sectors in the UAE and it has grown to become the most valuable listed holding company in the Middle East with a market cap of Dhs907bn, according to the latest Bloomberg data on Wednesday. In addition, IHC is included in the FTSE ADX 15 Index (FADX 15), which represents the top 15 largest and most liquid companies on the ADX.

Under IHC, there are more than 500 subsidiaries with over 107,000 employees, spanning several sectors, including asset management, healthcare, real estate and construction, marine and dredging, IT and communications, financial services, food production as well as utilities and services.

Market watchers, therefore, took notice as IHC announced the formation of 2PointZero, which IHC says has been “founded with the ambition to lead in financial services, investment banking, technology, [and] AI.”

In a statement released about the launch, IHC has also provided more detail on the companies that will fall under its umbrella.

Here is a snapshot of the six constituent companies that fall under 2PointZero:

• Chimera Investments: Established in 2007, Chimera Investments is an Abu Dhabi-based private investment firm. It manages a diverse portfolio of equities and seeks value-creation opportunities in line with its investment philosophy. As part of the Royal Group, Chimera contributes to a conglomerate with over 60 entities across various industries, employing 20,000 people. In 2023, Chimera launched ChimHaeres Investment Holding with Haeres Capital, acquired Vionnet, and sponsored and anchored ADC Acquisition Corporation, the first regional SPAC. The firm reported a net profit of Dhs1.4bn and assets of Dhs20.1bn for FY22. Chimera also oversees subsidiaries Lunate and Beltone.
• Lunate (pending regulatory approvals): Lunate is a major independent global alternative investment manager, managing of over Dhs400bn in assets. Majority-owned by Chimera, it primarily invests in private markets, including buyouts, growth equity, venture capital, private credit, and real assets, with selective investments in public equities and credit. Lunate aims to be a leading private markets solutions provider, targeting institutional investors, pension funds, and family offices, with a focus on generating superior risk-adjusted returns. Recently, Lunate launched ALTÉRRA at COP28, the world’s largest private climate investment vehicle, aiming to steer private finance towards climate action and promote a more equitable climate finance system.
• Beltone Holding (EGX: BTFH.CA) (pending regulatory approvals): Beltone Holding is one of the fastest growing financial services providers in Egypt and the MENA region. The company offers a diverse range of services from investment banking, asset management and securities brokerage to mortgages and microfinance. Other ventures that Beltone Holding is involved in includes data science and analytics. Recently, Beltone Holding raised EGP10bn in the largest capital increase in the history of the Egyptian Stock Exchange (EGX), increasing its paid-in capital from EGP926bn to EGP10.9bn. Beltone is one of the most actively traded and most liquid stocks on EGX.
• International Resources Holding (IRH): Headquartered in Abu Dhabi, IRH specialises in unlocking the mineral value chain with a strategic focus on energy transition minerals and key resources such as copper, cobalt, nickel, lithium, 3T (tin, tantalum and tungsten), manganese, and graphite. IRH plays a pivotal role in advancing in-country value addition across Africa and beyond, building ecosystems through strategic collaborations, and improving infrastructure and living standards. Recently, IRH signed a $1.1bn investment agreement for a 51 per cent stake in Zambia’s Mopani Copper Mines and partnered with Jubilee Metals to recover copper from waste in Zambia. The company has over 20 assets under negotiation and more than 22,000 square kilometres under exploration in various countries.
• Sagasse Investments: Sagasse operates as a specialised purpose vehicle, dedicated to strategic investments in select companies, with a primary focus in the Middle East. Beyond its core investment portfolio, the company engages directly in equities, cash instruments, and premium cash and debt securities. For the fiscal year 2023, the company reported total assets of Dhs8bn and book equity exceeding Dhs8bn, underscoring Sagasse’s financial strength and its ability to generate value for its stakeholders.
• Citadel Technologies: Citadel is a leading player in the cryptocurrency mining industry and operates a state-of-the-art crypto mining facility in Abu Dhabi, UAE. The company specialises in Bitcoin extraction and is committed to sustainable and efficient mining practices. Citadel’s strategic location in the UAE allows it to leverage the region’s advanced infrastructure. In FY22, Citadel reported a revenue of Dhs100m and an asset size of Dhs2.7bn. IHC recently acquired a 10% stake in Phoenix Group, which manages the ‘Citadel Project’. Citadel’s facility is recognised as the Middle East’s largest crypto-mining facility.