DUBAI: The International Holding Company (IHC), one of Abu Dhabi’s largest conglomerates, has completed a 45 percent stake purchase in construction giant Alpha Dhabi Holding (ADH). The acquisition is part of the Abu Dhabi-listed company’s plan to diversify its investment portfolio, it said in a statement. “The move will increase and diversify our investment vertical, as we
IHC acquires 45% stake in Alpha Dhabi Holding
ABU DHABI, 10 hours, 56 minutes ago International Holding Company (IHC), one of Abu Dhabi’s leading conglomerates, has purchased a 45% stake in Alpha Dhabi Holding (formerly Trojan Holding).The transaction follows the IHC board meeting disclosure on March 4. Alpha Dhabi Holding was established in 2008 with a focus in the real estate and construction sector. Recently Alpha Dhabi’s Holding has embarked on building a diversified portfolio that manages, deploys, and organises a variety of entities within the construction, hospitality, industrial and capital verticals. This includes a stake in leading UAE real estate company Aldar Properties, which was acquired in late March through its subsidiary Sublime Commercial Investment from Mubadala Investment Company.
Mega deals flow in Abu Dhabi as SpaceX investor IHC buys 45% in construction giant Alpha Dhabi gulfnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gulfnews.com Daily Mail and Mail on Sunday newspapers.
THE STANDARD
KENYA
The Sh24 billion project is being funded by the Government of Kenya and the China Exim Bank. [File, Standard]
Residents of Gatundu North in Kiambu County chased away construction workers from Sh24 billion Karimenu II Dam project, claiming they were yet to be compensated for land surrendered to the Government.
In their hundreds, the irate residents forced excavator operators to dig trenches at key points of entry and exit.
The group, thereafter, ordered all construction workers to leave the site.
During the Tuesday incident, police officers, who had been called to the scene, watched helplessly as the enraged crowd took control of operations.
Abu Dhabi stocks rallied for an eighth consecutive day in what is its longest stretch of gains in a year, while other GCC markets took their cues from global trends following the strong US economic data.
Bulls went into a frenzy across markets after a survey showed the US service sector activity soared to a record high on the back of robust new orders. The fast-paced growth comes on the heels of last Friday s forecast-beating employment data - the clearest signals yet that the US economy is roaring back thanks to massive fiscal stimulus and speedy vaccinations.
No looking back