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Ex-UAE climate change minister to head IHC fund 2PointZero

The investment vehicle’s sprawling portfolio includes Abu Dhabi’s newest fund Lunate, International Resources Holding, and private investment firm Chimera

by Kudakwashe Muzoriwa

January 9, 2024

Ex-UAE climate change minister to head IHC’s $27bn fund

Image credit: AHMAD GHARABLI/ Getty Images

2PointZero, a subsidiary of International Holding Company (IHC), has made key senior appointments to steer the newly founded holding company towards a future of transformative global impact and progress.

The new firm appointed Sheikh Zayed bin Hamdan bin Zayed Al Nahyan as chairman of the board and the UAE’s former Minister of Environment and Climate Change, Mariam bint Mohammed Saeed Hareb Almheiri, as CEO.

“We are excited to have Sheikh Zayed bin Hamdan Al Nahyan and H.E. Mariam Almheiri join our team,” said Syed Basar Shueb, CEO of International Holding Company. “Their combined expertise and leadership are key to realising our vision for 2PointZero as a leader in diverse industry verticals and a contributor to global progress.”

Almheiri served as the Minister of Environment since 2021, holding a prominent role in the UAE’s hosting of COP28, until a cabinet reshuffle over the weekend that saw her being appointed Head of the Office of International Affairs in the Presidential Office.

She also serves as a board member of the country’s biggest lender by assets First Abu Dhabi Bank, since March 2023.

IHC sets up 2PointZero

Meanwhile, Abu Dhabi conglomerate IHC set up 2PointZero earlier in January, a holding firm with assets worth Dhs100bn ($27bn) across sectors ranging from financial services to mining.

The investment vehicle’s sprawling portfolio includes Abu Dhabi’s newest fund Lunate, International Resources Holding, private investment firm Chimera, Egypt’s Beltone Financial, crypto mining firm Citadel Technologies and Middle East-focused Sagasse Investments.

Founded in 1998 to diversify and develop non-oil business sectors in the UAE, IHC has grown exponentially over the years to become the most valuable listed holding company in the Middle East with a market cap of Dhs900bn as of January 9, 2024.

The Abu Dhabi holding firm’s Q3 2023 revenues jumped 9.5 per cent year-on-year to Dhs14.2bn, compared to Dhs12.4bn the corresponding period a year earlier while its profit plunged by 65.34 per cent to Dhs4.82bn from Dhs13.91 billion in the same period a year ago.