International Holding Company, the UAE's most valuable listed company, has acquired a 55 per cent stake in recruitment company Reach Employment Services, to increase its market share in the employment sector.
The acquisition is valued at Dh315 million ($85.8 million), IHC said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
The company’s first business acquisition of the year comes as it continues to scale and diversify its investments locally and internationally. The deal is subject to regulatory approvals, it said.
“Over the past two years and a half, we have taken successful steps with the employment sector investments through our subsidiary Work Force Holding and with the 'Reach' acquisition, we will be increasing our market share in a very targeted manner,” said Syed Shueb, chief executive of IHC.
Reach Employment Services was established in 1999 and serves government and private entities in recruitment. The company searches, identifies, recruits and hires employees directly and outsources them to its clients, according to the statement.
While the company is also a registered and approved outsourcing agency by the UAE Ministry of Labour, it has more than 125 existing clients, with an average tenure of 11 years with its top 10 clients.
In 2022, Reach Employment Services' revenue reached Dh861 million and the company posted a profit of Dh67.5 million, the statement said.
“Employment services are an important part of any community’s economic development strategy, specifically for emerging market and industries,” Mr Shueb said.
IHC has been aggressively expanding its portfolio through local and global acquisitions. The company is diversifying its holdings across sectors, including real estate, agriculture, health care, utilities, industries, IT and communications, retail and leisure.
Earlier this week, the company invested Dh1.4 billion in the follow-on share sale floated by Indian billionaire Gautam Adani’s flagship business, Adani Enterprises. In May, it completed a Dh7.3 billion investment deal with the Adani Group.
In October last year, IHC made a bid to acquire a Dh7.7 billion tender offer to buy a stake in Grupo Nutresa, one of the biggest food processing companies in Colombia.
In August, it acquired a 50 per cent stake in Turkish renewable energy company Kalyon Enerji for Dh1.8 billion.
In June, IHC and Abu Dhabi-listed Alpha Dhabi announced a combined $50 million investment in aerospace company SpaceX, founded by billionaire businessman Elon Musk.
8 UAE companies helping families reduce their carbon footprint
Greenheart Organic Farms
This Dubai company was one of the country’s first organic farms, set up in 2012, and it now delivers a wide array of fruits and vegetables grown regionally or in the UAE, as well as other grocery items, to both Dubai and Abu Dhabi doorsteps.
www.greenheartuae.com
Modibodi
Founded in Australia, Modibodi is now in the UAE with waste-free, reusable underwear that eliminates the litter created by a woman’s monthly cycle, which adds up to approximately 136kgs of sanitary waste over a lifetime.
www.modibodi.ae
The Good Karma Co
From brushes made of plant fibres to eco-friendly storage solutions, this company has planet-friendly alternatives to almost everything we need, including tin foil and toothbrushes.
www.instagram.com/thegoodkarmaco
Re:told
One Dubai boutique, Re:told, is taking second-hand garments and selling them on at a fraction of the price, helping to cut back on the hundreds of thousands of tonnes of clothes thrown into landfills each year.
www.shopretold.com
Lush
Lush provides products such as shampoo and conditioner as package-free bars with reusable tins to store.
www.mena.lush.com
Bubble Bro
Offering filtered, still and sparkling water on tap, Bubble Bro is attempting to ensure we don’t produce plastic or glass waste. Founded in 2017 by Adel Abu-Aysha, the company is on track to exceeding its target of saving one million bottles by the end of the year.
www.bubble-bro.com
Coethical
This company offers refillable, eco-friendly home cleaning and hygiene products that are all biodegradable, free of chemicals and certifiably not tested on animals.
www.instagram.com/coethical
Eggs & Soldiers
This bricks-and-mortar shop and e-store, founded by a Dubai mum-of-four, is the place to go for all manner of family products – from reusable cloth diapers to organic skincare and sustainable toys.
www.eggsnsoldiers.com
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
UAE currency: the story behind the money in your pockets
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