International Holding Company

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International Holding Company
IndustryInvestments
Founded1998
(as Asmak)
Key people
Tahnoon bin Zayed al-Nahyan (Chairman)
Syed Basar Shueb (CEO)
RevenueIncrease $16.4 billion USD (2023)[1]
Increase $7.5 billion USD (2023)[1]
Total assetsIncrease $455.043 billion USD (2023)[1]
OwnerRoyal Group (60%)
Websitewww.ihcuae.com
Headquarters in Abu Dhabi

The International Holding Company (IHC) is a holding company headquartered in Abu Dhabi, United Arab Emirates, which manages a diversified portfolio of domestic and foreign investments.[2][3] The conglomerate is said to have close ties to the Abu Dhabi ruling dynasty. The chairman of the company is Sheikh Tahnoon bin Zayed al-Nahyan, who also serves as the country's National Security Advisor and manages two sovereign wealth funds.[4]

The company is listed on the Abu Dhabi stock exchange and had a market capitalization of 240 billion US dollar in 2024.[5][4][6][7] After the Royal Group transferred 40 companies worth US$4.7 billion to IHC, the company's share price grew by 42,000% between 2019 and 2024, making it the second most valuable company in the Gulf States behind Saudi Aramco. This transformation coincides with Tahnoon bin Zayed al-Nahyan's time as Chairman of the Group. The majority of shares (around 60%) in the company are controlled by the Royal Group.[6]

History

IHC was founded in 1998 as Asmak and was initially active in the fisheries sector. The company quickly developed into a regional market leader in the export of seafood. The company went public on the Abu Dhabi Stock Exchange in 2005.[8]

In the years that followed, IHC embarked on a strategic journey of acquisitions and diversification that led to expansion into various sectors, including real estate, with the acquisition of ESPL properties in 2008. By 2013, IHC had grown significantly through these strategic acquisitions.[8]

In 2020, three of its subsidiaries were listed on the Abu Dhabi Securities Exchange. The following year, IHC's growth continued as the company listed more subsidiaries, including Alpha Dhabi, ESG and Al Seer Marine, and became the most valuable company on the Abu Dhabi Stock Exchange.[8]

IHC continued its expansion in 2022, concluding a US$2 billion investment agreement with the Indian Adani Group and acquiring a significant stake in the renewable energy sector with the purchase of shares of Turkish Kalyon Enerji.[8][9] In September 2023 the IHC sold stakes in the Adani Group, but increased its stake in Adani Enterprises.[10][11]

In November 2023, the Group acquired a majority stake in a copper mine in Zambia for just under one billion US dollars.[12][4]

In January 2024 the IHC established a new holding company with $27 billion in assets called 2PointZero.[13][14]

In 2023, IHC established an investment unit, Lunate, to manage Group 42’s China-focused fund, 42X Fund, which had stakes in JD.com and ByteDance. Lunate formed a small team and was being controlled by Tahnoun bin Zayed. The fund became questionable due to G42 and it CEO Peng Xiao’s promise to the US government, as they agreed to divest from China.[15][16][17]

Investments

The International Holding Company manages over 100 investments in the following sectors:[18]

  • Agriculture and fisheries
  • Finance
  • Healthcare
  • Real estate and construction
  • Food and beverages
  • Utilities
  • Renewable energy[19]
  • Manufacturing
  • IT and communication
  • Retail and leisure

In 2023, the Real Estate and Construction segment represented the largest share of the Group's revenue (33.9%), followed by Agriculture and Fisheries (29.6%) and Food and Beverages (6.9%).[18]

References

  1. ^ a b c "International Holding Company". Market Screener. Retrieved 2024-03-18.
  2. ^ "Abu Dhabi's IHC to focus on domestic acquisitions as global economy slows". Reuters.
  3. ^ "Acquisitions drive 18% jump in 2023 revenue for International Holding Company". gulfnews.com. 2024-02-05. Retrieved 2024-03-19.
  4. ^ a b c Hadeel Al Sayegh. "Abu Dhabi's IHC forms new company with assets set to exceed $27 bln". Reuters. Retrieved 2024-03-18.
  5. ^ Brown, Eliot. "A $236 Billion Stock-Market Enigma". WSJ. Retrieved 2024-03-19.
  6. ^ a b "The UAE business that went from obscurity to a $240bn valuation in 3 years". Financial Times. Retrieved 2024-03-18.
  7. ^ "UAE's biggest company is adding an AI-powered observer backed by Microsoft to its board". Fortune Asia. Retrieved 2024-03-19.
  8. ^ a b c d International Holding Company. "History". Retrieved 2024-03-18.
  9. ^ "UAE conglomerate invests $2bn in Gautam Adani group following trade deal". Financial Times. Retrieved 2024-03-18.
  10. ^ "Abu Dhabi group IHC sells out of two Adani companies". www.ft.com. Retrieved 2024-03-19.
  11. ^ "Abu-Dhabi conglomerate IHC increases stake in Adani Enterprises to over 5 per cent". Telegraph.
  12. ^ "Gulf countries are becoming major players in Africa". The Economist. ISSN 0013-0613. Retrieved 2024-03-18.
  13. ^ "Abu Dhabi's IHC forms new holding company with assets exceeding $27b". DealStreetAsia. Retrieved 2024-03-19.
  14. ^ Nagraj, Aarti (2024-01-02). "Abu Dhabi's IHC unveils new holding company 2PointZero with more than $27bn in assets". The National. Retrieved 2024-03-19.
  15. ^ "Abu Dhabi Investment Firm Lunate Takes On AI Firm G42's China Fund". Bloomberg. Retrieved 8 July 2024.
  16. ^ "Abu Dhabi's Lunate Weighs Raising $5 Billion to Hunt for Deals". Bloomberg. Retrieved 3 July 2024.
  17. ^ "G42 Made Secret Pact With US to Divest From China Before Microsoft Deal". Bloomberg. Retrieved 16 April 2024.
  18. ^ a b International Holding Company. "Fact Sheet". Retrieved 2024-03-18.
  19. ^ Muzoriwa, Kudakwashe (2023-11-06). "IHC consolidates 'green businesses' assets under Sirius". Gulf Business. Retrieved 2024-03-19.
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