IHC becomes UAE’s most valuable company after unit list

International Holding Co. surged to become the most valuable listed company in the United Arab Emirates after its unit Alpha Dhabi Holding made its trading debut in Abu Dhabi.

IHC’s shares rose 15 per cent, the maximum allowed, to Dhs110.8. That took its market capitalisation to Dhs202bn ($55bn), surpassing Emirates Telecommunications Group.

IHC has the backing of Abu Dhabi’s ruling family, with investments ranging from Elon Musk’s SpaceX to a local fishery company. It’s ultimately controlled by the Royal Group, a conglomerate that lists the United Arab Emirates national security adviser Sheikh Tahnoon Bin Zayed Al Nahyan as chairman.

Alpha Dhabi traded as high as Dhs20 in a direct listing. It’s an investment holding company with operations spread across sectors ranging from real estate to hospitality. IHC in April bought 45 per cent of Alpha Dhabi, which holds a stake in Abu Dhabi’s biggest property developer.