SHARE
Abu Dhabi-based International Holding Company (IHC) said it completed a 45 per cent stake purchase in Alpha Dhabi Holding (ADH), a growing real estate and construction sector focused company.
No value for the transaction, which comes after IHC s board meeting disclosure on March 4, 2021, was provided. The acquisition of a substantial stake in Alpha Dhabi Holding will add a significant scale to IHC, Syed Basar Shueb, IHC s chief executive, said in a statement to the Abu Dhabi Securities Exchange, where the company s shares trade. The move will increase and diversify our investment vertical, as we continually seek strategic partnerships with local and international players and further strengthen our leadership position in the marketplace.
“Central to this market-leading sales performance is Aldar’s commitment to addressing current market demand and launching customer-centric products.”
Aldar has already generated more than Dh1 billion of sales at Noya Viva, the UAE s biggest listed developer said. The development contains 480 properties, including four-bedroom villas and two- and three-bedroom townhouses.
Unit prices start from Dh1.65 million and are offered with a 40:60 payment plan, meaning 40 per cent is payable during construction and the remainder on completion. A 5 per cent down payment is required, according to the project s website.
So far, UAE nationals account for 61 per cent of buyers, women 26 per cent and under 40s 42 per cent, the developer added. Some 63 per cent are first-time purchasers from Aldar, the developer said.