Abu Dhabi sovereign wealth fund ADQ will take a 50 per cent stake in International Holding Co. unit Eltizam Asset Management. IHC issued shares worth Dhs111.6m ($30.4m) in Eltizam to ADQ as part of the deal. IHC has been involved in numerous deals this year, with its assets ballooning to Dhs58bn ($15.9bn) in the second quarter, up 444 per cent from the same period a year ago. IHC shares have nearly quadrupled over the past year, making it the second-largest listed company in the UAE. Alpha Dhabi Holding, an IHC unit, is the largest.
Established in Abu Dhabi in 2018, ADQ is one of the region’s largest holding companies with direct and indirect investments in more than 90 companies. Its portfolio of major enterprises spans key sectors across Abu Dhabi’s economy, including food and agriculture, aviation, financial services, healthcare, industries, logistics, media, real estate, tourism and hospitality, transport and utilities. As a strategic partner of the Government, ADQ is committed to accelerating the transformation of the emirate into a globally competitive and knowledge-based economy. It is both an asset owner and investor in target sectors, locally and internationally, which align with Abu Dhabi leadership’s vision.