ADQ is said to take 50% stake in IHC’s Eltizam Asset Management

Abu Dhabi sovereign wealth fund ADQ will take a 50 per cent stake in International Holding Co. unit Eltizam Asset Management, a person familiar with the matter said.

IHC issued shares worth Dhs111.6m ($30.4m) in Eltizam to ADQ as part of the deal, according to the person, who asked not to be named because the information is not public.

The UAE national security adviser, Sheikh Tahnoon bin Zayed Al Nahyan, is chairman of both ADQ and IHC.

IHC has been involved in numerous deals this year, with its assets ballooning to Dhs58bn ($15.9bn) in the second quarter, up 444 per cent from the same period a year ago.

IHC shares have nearly quadrupled over the past year, making it the second-largest listed company in the UAE. Alpha Dhabi Holding, an IHC unit, is the largest.