Abu Dhabi’s IHC approves merger of its real estate firm Al Tamouh with Al Qudra Holding

Abu Dhabi-based conglomerate International Holding Company (IHC) has formally agreed the merger of its subsidiary Al Tamouh Investments with Al Qudra Holding.

The transaction will be completed through the transfer of shares in Al Tamouh Investments in return for unsecured mandatory convertible bonds issued by Al Qudra Holding, a statement said.

Meanwhile, the board of directors of investment holding company Al Qudra has also approved a new foreign ownership limit of 30 per cent of outstanding shares, subject to regulatory approvals.

Previously, only UAE nationals were permitted to own shares in the company.

Al Qudra Holding, through its subsidiaries, focuses its investments and strategic partnerships in nationally essential sectors, such as oil and gas, banking and finance.

As part of its diversification strategy, the company has investments in selected industries, such as real estate, services and hospitality.

Tamouh, based in Abu Dhabi, is a real estate developer launched in 2007 whose key projects include Marina Square, the City of Lights, Fantasy Island, Meena Hotel and Towers, and the Royal Group Headquarters.

Syed Basar Shueb, CEO and managing director of IHC, said: “This transaction brings together two significant investment companies, active in major sectors across the region, including real estate and hospitality. We believe this provides a solid financial and operational platform for further growth.”

Abdulla Bin Mohamed Bin Butti Al Hamed, chairman of Al Qudra Holding added: “We welcome IHC as a cornerstone investor to Al Qudra, while our decision to introduce the potential for foreign ownership paves the way for a widening of the shareholder base in future.”

IHC, among the most valuable firms in the Middle East, is focusing on IPOs to fuel its growth.

Earlier this month, its subsidiary Multiply Group raised Dhs48bn ($13.1bn) in a direct share listing.

IHC is also planning to list its healthcare group next year.

Read: Abu Dhabi’s IHC unit raises $13.1bn from direct listing