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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 continually seek strategic partnerships with local and international players and further strengthen our leadership position in the marketplace,” Syed Basar Shueb, chief of IHC, said.
IHC has made a number of high profile investments which include a stake in SpaceX, the space exploration venture of Elon Musk.
The group employs over 22,000 people, and is involved in the development of wide range projects, including mix-used and high-rise property, mass housing and infrastructure.