International Holding Company (IHC) has reported significant growth in its full-year 2024 financial results, underscoring its ability to drive strong performance and strategic portfolio management.

IHC’s revenue surged 54.2 per cent to Dhs92.7bn, compared to Dhs60.1bn in 2023, driven by strong performances across sectors including real estate and construction, marine and dredging, and hospitality and leisure.

The company’s net profit reached Dhs25.7bn, reflecting a recalibration towards value-driven investments, while total assets expanded by 52 per cent to Dhs401.8bn, supported by strategic acquisitions and operational efficiencies.

Sheikh Tahnoon bin Zayed Al Nahyan, chairman of IHC, commented on the company’s performance: “IHC’s strong performance in 2024 underscores our commitment to active portfolio management, leveraging AI-driven efficiencies, and reinvesting in high-growth industries.

“By strategically divesting from mature assets and replenishing our portfolio with innovative investments, we continue to reinforce our position as a global investment powerhouse, building dynamic value networks that transcend traditional sector boundaries to unlock greater opportunities.”

The company’s growth strategy includes focusing on high-value investments, driving cash flows, and enhancing financial resilience through disciplined management. The successful integration of AI-powered technologies and digital advancements has played a critical role in IHC’s expansion across its verticals, with notable successes in sectors such as financial services and technology.

Syed Basar Shueb, CEO of IHC, reflected on the year’s achievements: “2024 has been a transformational year for IHC, reflecting our relentless pursuit of excellence and strategic vision. Our ability to drive substantial growth across all verticals, backed by disciplined financial management and a forward-thinking approach, has cemented our position as a global leader. As we enter 2025, we remain focused on expanding our footprint, leveraging our strong balance sheet, and investing in high-yield businesses that align with our long-term growth strategy.”

In line with its strategic vision, IHC participated for the first time in the World Economic Forum in Davos in 2025, leading a delegation of key subsidiaries to engage with global leaders.

This participation allowed IHC to spearhead discussions on transformative solutions, forge strategic partnerships, and reinforce its commitment to sustainable economic growth and investment innovation.

IHC Group highlights in 2024

• NMDC Energy’s IPO success: NMDC Energy, Abu Dhabi’s leading EPC contractor, debuted on the ADX, oversubscribed 31.3 times.
• MENA’s largest share buyback programme: IHC launched a Dhs5bn share buyback programme, beginning with an initial tranche of Dhs1.8bn, representing 36 per cent of the total programme.
• Successful integration of Aiden Insight: IHC integrated Aiden Insight, an AI-powered virtual entity, as a Board Observer, enhancing corporate governance.
• Mopani Copper Mines acquisition: International Resources Holding acquired a 51 per cent stake in Zambia’s Mopani Copper Mines, one of the largest copper and cobalt producers in the country.
• Modon Holding’s real estate expansion: A merger of assets from Modon Properties, ADNEC, La Zagaleta, MIZA Investments, and others created one of the UAE’s largest real estate entities.
• Enersol’s strategic acquisition: Enersol, a joint venture between IHC and ADNOC Drilling, acquired a 42.2 per cent stake in Gordon Technologies, becoming the majority equity shareholder.
• Grupo Nutresa investment: IHC acquired a 14.83 per cent stake in Grupo Nutresa, strengthening its position in Latin America’s food-processing sector.
• Launch of 2PointZero: IHC launched 2PointZero, an investment platform focused on emerging technologies and sustainable businesses.
• Multiply Group’s strategic development: Multiply Group acquired Backlite Media, boosting IHC’s position in digital out-of-home advertising.
• Easylease’s move into the logistics sector: Easylease acquired a 51 per cent stake in Gallega Global Logistics, securing 3.5 million square feet of logistics infrastructure in the UAE.
• Sawaeed’s acquisition: Emirates Stallions Group (ESG) acquired Sawaeed Holding, positioning it as a flagship platform for manpower and accommodation services.

In this interview with Gulf Business, Naji Atallah, head of Construction and Manufacturing for EMEA Emerging at Autodesk, discusses how the company’s cutting-edge building information modelling (BIM) and digital twin technologies are supporting NEOM, the Red Sea Project and Qiddiya.

Atallah also explores Autodesk’s commitment to upskilling the local workforce and supporting Saudi Arabia’s Vision 2030 goals through innovation and sustainability in construction.

How is Autodesk’s technology, particularly BIM and digital twin solutions, contributing to the success of large-scale projects like NEOM, the Red Sea Project, and Qiddiya in Saudi Arabia?

We’re empowering the many companies designing and building programmes like NEOM, the Red Sea Project, and Qiddiya with tools that bring the vision to life. The complexity, scale, and schedule of those programmes dictate that firms rely on the most advanced processes and technologies. BIM is the core process that allows a digital twin of the asset to be created. With BIM solutions, teams can model, simulate, and fine-tune every aspect of a project before work begins on site.

The assets require collaboration between different architects, engineering firms and contractors located across the globe. The Autodesk Construction Cloud extends BIM to the cloud to help teams across geographies and the entire project lifecycle – from planning and design, to building and operating – to work together seamlessly. Teams can stay connected at each stage of the construction lifecycle – improving communication and collaboration between office and site. For example, when BIM managers share multi-trade models with teams on site, site managers and project engineers have the context they need to make critical decisions faster.

Research shows that over 95 per cent of data created during design and construction is not used in operations. This is where digital twins come in, combining the right and complete static data from design and construction with live data streams from sensors and IoT devices.

The result is a ‘single pane of glass’ view of the asset, where operators can monitor performance within its required parameters, make decisions about predictive maintenance, and learn from operation to embed operational experience in the design of future assets.

Beyond efficiency, BIM aligns with Saudi Arabia’s focus on sustainability and innovation under Vision 2030. Artificial Intelligence algorithms are also being used today to quickly optimise project layouts for desired outcomes, such as minimising embodied carbon.

BIM is increasingly the backbone of delivering Saudi Arabia’s ambitious programmes. It enables seamless collaboration and provides a single source of truth for the various stakeholders.

How do BIM and digital twin technologies improve infrastructure resilience, especially for projects facing diverse environmental and operational challenges?

Today, one-quarter of the global population lives in an area at significant risk of flooding, a number that is increasing daily. Weather patterns have also become more extreme in the Middle East, including extreme precipitation and droughts.

With increased urbanisation, extreme weather conditions have a higher probability of resulting in floods from the runaway water that cannot be absorbed by the soil. Advanced software can now quickly model how water behaves around assets being designed to better plan and prepare for the impact of weather events that may lead to flooding.

Program owners in Saudi are using detailed hydraulic maps that can be updated as land profile and asset data changes, enabling predictive decision making. They can also use rainfall radar data to model its impact and risk in real time. In addition, digital twin models of their assets to simulate scenarios of such events.

With storm and sewer water simulations on city models, authorities can pinpoint bottlenecks and take corrective mitigation actions, be it an upgrade to a drainage system or designing resilient infrastructure, to minimise the potential impact of these weather events.

In your experience, what aspects of the project lifecycle — such as design, planning, and post-construction — benefit the most from BIM technology?

BIM technology offers comprehensive benefits across the project lifecycle. Ultimately, the owner sees the benefit of adopting BIM because design and construction carry around 20 per cent of the total cost of ownership of the asset, while operations account for around 80 per cent.

In terms of phases, BIM enables better decision making early on in the project. By allowing teams to experiment, visualise, and refine ideas virtually, constructing the asset becomes easier with less waste and risk and more predictability, especially with early contractor involvement.

We also see, with more mature owners in Saudi Arabia, early input from their operations teams in the design process, which involves designing the asset with its performance parameters in mind.

How does BIM contribute to improving construction quality and efficiency, supporting the ambitious timelines of Saudi’s projects?

When you’re on a tight timeline, efficiency is everything. One of the core strengths of outcome-based BIM is how it enhances early-stage planning. By combining project data and context data, stakeholders can assess a number of design scenarios based on sustainability goals or cost constraints before making any decisions.

Real-time data allows designers to define constraints and receive AI-generated suggestions for the most sustainable or cost-efficient design options.

We also see BIM enabling newer construction methods. A great example was the work done by Amana Investments on the Red Sea’s coastal village.

By considering these pods as products to be manufactured, Amana used BIM to finalise the design, optimise the material usage, and assemble the pods in the more controlled factory environment before transporting the pods to the site for assembly.

How does BIM assist in tracking and achieving sustainability goals across the project lifecycle, as Saudi Arabia sets high sustainability standards?

The global green building sector continues to double every three years. Mapping sustainability standards is crucial for projects in Saudi Arabia, where sustainability isn’t just a goal but a mandate. Teams can now ensure they’re not just meeting standards but exceeding them.

The first step is changing the way we design and build our assets. BIM gives designers the visibility of the environmental impact of their designs. This could be by using less material, an alternative material, or simply making sure that clashes do not happen so that material is not wasted on site.

For operations, BIM allows energy analysis that takes into account the environmental conditions of the site, such as sunlight intensity and wind speed and directions.

Tell us about Autodesk’s upskilling programmes and how they are designed to equip the local workforce with skills in design, automation, and data-driven processes.

Autodesk believes that automation technology is needed to help businesses and society meet the demands of our growing and urbanizing global population.

We recognise that technological change drives disruption and are committed to helping workers adapt and thrive. By adopting a mindset of continuous learning, acquiring the most in-demand skills, and securing the most fulfilling roles, employees can thrive and support the industry’s most pressing needs.

We are investing in customers by developing training and technology to help workers learn new skills, earn professional credentials, and collaborate with automation tools in new and exciting ways to advance their careers. Our industry-validated certifications  help workers future-proof their skills and employers stay ahead, while in-product learning and new features enhance the capabilities of teams in real time.

Autodesk also collaborates with start-ups and trade, educational and government organisations to advance workforce adaptability.

Is Autodesk working with educational or government institutions in Saudi Arabia to promote these upskilling initiatives?

Autodesk is committed to broadening access to software and technology training to the future workforce of these industries, by providing its software solutions across Infrastructure, construction, water, manufacturing and entertainment for free to over 100 million students and educators across 160,000 educational institutions around the world.

We are supporting initiatives alongside our customers that are aligned with Vision 2030 goals. This includes providing resources and expertise to build digital-first talent, capable of driving the region’s ambitious construction and sustainability projects.

By equipping educators and students with cutting-edge tools and knowledge, we’re helping lay the foundation for a workforce that’s not just ready for the future — but ready to lead it.

What skillsets are critical for the next generation of professionals in the architecture, engineering, construction, and operations (AECO) industry, particularly in Saudi Arabia?

The future is data-driven, and the next generation of professionals needs to be too. Skills like data analysis, critical thinking, and proficiency in BIM and AI tools are essential to thrive in the evolving AECO landscape. But technical skills are only one side of the coin — soft skills like collaboration, adaptability, and problem-solving are equally vital. It’s the ability to work seamlessly with technology while bringing a creative, human touch to decision-making that will set future professionals apart.

As Saudi Arabia continues to push the boundaries of innovation with giga-projects, the leaders of tomorrow will need to combine technical expertise with an entrepreneurial mindset, ensuring they can adapt to new challenges and harness opportunities that come with rapid technological transformation.

How are you preparing to integrate advancements in AI and data-driven design into its offerings for the Saudi market?

At Autodesk University 2024, with nearly 12,000 customers, partners, and employees attending, we shared exciting Autodesk AI developments for our industries. Autodesk is uniquely positioned to innovate on behalf of our customers and industries, leveraging over a decade of AI research leadership in CAD geometry.

In addition to delivering productivity and automation today, we are paving the way to extend customers’ creativity in the future.

We’re committed to continued improvements of these solutions to drive business resilience and efficiencies for customers globally and across the Gulf. Data, AI, and Autodesk Forma are remarkable tools in the hands of motivated, innovative problem solvers. We’re making the future – one with less waste, with less knowledge loss, and with less friction from design to make to operate – together.

What is the company’s long-term vision for its involvement in Saudi Arabia, and how do you see it supporting the country’s construction and infrastructure goals?

Our vision is to be a key, trusted partner in Saudi Arabia’s journey toward innovation and sustainability. With the kingdom’s ambitious Vision 2030 as a roadmap, we’re committed to supporting projects that redefine what’s possible in construction and infrastructure. Whether it’s enabling giga-projects with cutting-edge technology, fostering collaboration across teams, or upskilling the workforce, Autodesk aims to be at the forefront of this transformation.

Our focus is not just on delivering tools but also on building resilience, driving sustainability, and ensuring that Saudi Arabia sets new benchmarks globally.

Long-term, we see ourselves as catalysts for change — providing the technology, expertise, and innovation needed to help the kingdom achieve its boldest aspirations while creating a legacy that future generations can be proud of.

The GCC luxury market stands at a transformative crossroads. With one of the world’s youngest and wealthiest populations, it’s a region where global trends meet deeply ingrained cultural values.

According to CXG’s recent report, “Luxury Trends in the GCC: Embracing Opportunities and Navigating Challenges”, this market offers significant growth potential for brands that prioritise personalisation, adapt to local cultural nuances, and commit to sustainability.

However, to succeed, brands must approach the market with an authentic and well-informed strategy.

Localisation: The key to emotional resonance

Luxury in the GCC is no longer just about status; it’s about storytelling that connects to a culture that is deeply proud of its heritage. The CXG report highlights how global luxury brands have recognised the importance of aligning their offerings with local traditions and sensibilities.

Take, for instance, Dior’s Ramadan capsule collection, Dior Or, or Chanel’s Dubai Funfair, which celebrated a classic watch model. These events exemplify how global brands are weaving their identity into the cultural fabric of the region. Dolce & Gabbana’s fashion show at AlUla further demonstrates how aligning with iconic GCC locations can elevate a brand’s relevance.

Such strategies are necessary because GCC consumers, particularly affluent millennials and Gen Zs, are discerning and demand authenticity.

Localisation, as a trend, is also reflected in the rise of homegrown brands like L’Afshar and The Giving Movement, which merge cultural pride with innovative and stylish design. Global brands must adapt their collections, marketing, and even store designs to reflect regional values and create a stronger emotional connection.

Personalisation: Building bespoke experiences, meaningful relationships

The luxury customer experience in the GCC is defined by relationship-driven interactions. The report noted that 39 per cent of customers in the region strongly value personalised connections with advisors, but there’s significant room for improvement in delivering this consistently. One of the most crucial metrics for luxury brands in the GCC— “building a connection”—is 16 percentage points lower than global benchmarks.

Clients in the GCC prefer a bespoke experience, so building the relationship is a vital part of the sales process.

Clienteling, supported by CRM technology, is becoming a critical tool for brands to deepen these relationships.

Advisors who can anticipate their clients’ preferences, remember key details about their lives, build personal relationships, and even celebrate milestones create the kind of loyalty that turns customers into brand advocates.

In the GCC, the role of the advisor goes beyond selling. It’s about trust, aspiration, and curating an exclusive journey. These relationships are so deep-rooted, that it’s not uncommon for clients to follow their advisors when they change brands — highlighting how paramount it is for brands to build strong teams within the region.

Sustainability: An untapped opportunity

While the GCC may not yet lead with sustainability, Research shows that the region is ripe for change. Initiatives like Saudi Arabia’s Vision 2030 and Dubai’s hosting of COP28 reflect increasing governmental and societal attention on environmental responsibility. Yet, the report reveals that only 5-11 per cent of luxury interactions in the region currently incorporate sustainability messaging, depending on the category.

Brands that integrate sustainability into their storytelling and operations can tap into the aspirations of younger consumers, who increasingly value ethical consumption.

A standout example is Golden Goose’s Forward concept store in Dubai’s Mall of the Emirates, which focuses on repair, reuse, and personalisation — turning sustainability into an engaging luxury experience.

For local brands, sustainability also aligns with heritage. Artisanal production methods and traditional craftsmanship, rooted in respect for nature and cultural history, offer authentic narratives that resonate with GCC consumers.

Why the GCC matters: Strategic opportunities for global luxury brands

The GCC is poised to become a global leader in luxury growth. The CXG report projects the region’s luxury market to grow at an impressive 8.5 per cent CAGR, driven by rising disposable incomes, significant investment in retail infrastructure, and the return of repatriated spending post-Covid.

Global brands looking to succeed in this thriving market must address key opportunities:

1. Crafting tailored experiences: Capsule collections and localised marketing campaigns that celebrate GCC traditions — such as Ramadan and National Days — demonstrate respect for cultural values while enhancing brand relevance.
2. Technology-driven personalisation: Digital tools like augmented reality, AI-driven recommendations, and omnichannel integration ensure that brands can meet the expectations of tech-savvy GCC customers.
3. Sustainability messaging: Aligning with governmental initiatives and embedding eco-conscious values into brand narratives can set brands apart in a market that increasingly values ethical luxury.
4. Exclusive experiential luxury: Events such as Van Cleef & Arpels’ exhibition in Riyadh exemplify how brands can create immersive experiences that captivate luxury clients and foster long-term loyalty.
5. Empowering local talent: Collaborations with local designers, influencers, and brands are not only strategic but also reflect a deep understanding of the region’s pride in its cultural identity.

Looking ahead: A market with infinite possibility

The GCC has already shown its prowess as an economic powerhouse, and it is now demonstrating itself as a region that is redefining what luxury means. It’s a market that values tradition as much as innovation and expects brands to deliver both with precision.

Success in the GCC here demands more than business as usual — it requires a commitment to understanding and honouring the region’s ethos.

Global brands that embrace this unique opportunity — by delivering culturally resonant, personalised, and sustainability-driven experiences — are poised to thrive in one of the world’s most dynamic luxury markets.

The writer is the CEO of CXG, a leading data-driven consulting and solutions firm.

Dubai’s Roads and Transport Authority (RTA) has commenced work on the next-generation traffic signal control system called UTC-UX Fusion.

According to a Dubai Media Office report, the new system incorporates artificial intelligence (AI), predictive analytics, and digital twin technologies.

Read-Dubai’s RTA unveils ‘fourth-generation’ traditional abras

The upgraded system will be rolled out across all major intersections in Dubai, with project completion anticipated by the first half of 2026.

How does the UTC-UX Fusion system work?

The UTC-UX Fusion system dynamically adapts to real-time traffic changes by analysing data and making intelligent decisions to optimise signal timings.

It also supports future technologies and initiatives, such as Cooperative Intelligent Transport Systems (C-ITS/V2X), which facilitate communication between smart vehicles and traffic signals to enhance traffic flow efficiency.

Also read: RTA unveils RAILBUS autonomous transport system

This is expected to play a key role in reducing the duration of commutes, improving traffic fluidity, and enhancing the overall mobility experience across Dubai.

Advantages of the system

The upgraded traffic signal system offers several advanced features, including predictive traffic analysis to dynamically optimise signal timings in anticipation of expected traffic movements, thereby enhancing overall traffic network efficiency.

It also incorporates digital twin technology, allowing signal adjustments to be simulated and their impact assessed before actual implementation, while also enabling priority-based traffic management.

Additionally, the system leverages data from future road sensors to further refine signal timings with greater efficiency.

“This project aligns with RTA’s vision as The World Leader in Seamless and Sustainable Mobility by improving journey time and reducing traffic congestion at intersections by 10% to 20%. It aims to enhance the travel experience for all road users, including motorists, public transport passengers, pedestrians, and cyclists, while also prioritising emergency vehicles and public transport,” Hussain Al Banna, CEO of the Traffic and Roads Agency at RTA, said.

Abu Dhabi’s Etihad Airways aims to announce the launch of a $1bn initial public offering this week, two sources told Reuters, in what would be the first IPO of a major Gulf airline in nearly two decades.

Read-Etihad Airways reports Dhs1.7bn in net profit in 2024

The airline plans to offer 20 per cent of the business by selling new shares to fund its growth ambitions, said the sources, declining to be named as the matter was not public.

Etihad, which is owned by Abu Dhabi’s $225bn wealth fund ADQ, did not immediately respond to a request for comment. ADQ declined to comment.

Read-Etihad Airways flies into 2025 with 1.7m travellers in January

The IPO comprises 2.7 billion in primary shares, the sources said, in which proceeds go back to the company rather than the main shareholder.

Last week, Etihad Airways reported a net profit that more than tripled last year to $476m. Its earnings were boosted by $5.7bn in passenger revenue and $1.1bn in cargo revenue due to ‘significant operational efficiency improvements’.