Abu Dhabi-based International Holding Company has announced the formation of a new holding company, 2PointZero, which will have more than Dh100 billion ($27.2 billion) in assets.
IHC's board approved the initiation of the transfer of entities across several sectors to 2PointZero and the move will be completed after obtaining all regulatory approvals, the diversified conglomerate said in a statement on Tuesday to the Abu Dhabi Securities Exchange, where its shares are traded.
The new "next generation" holding company "is committed to having a transformative impact globally", said IHC chairman Tahnoon bin Zayed.
"Our dedication to technology and artificial intelligence is evident in our commitment to developing solutions that redefine industries such as financial services, investment banking and resource management," he said.
The new holding company will cover sectors including private equity and alternative investments, venture capital operations, asset management, financial services (micro financing and insurance), investment banking, securities brokerage and research, AI and technology, mineral and resource management, digital and cryptocurrency ecosystems, and mobility.
Companies under 2PointZero include Abu Dhabi-based private investment firm Chimera Investments – which recently sponsored and anchored ADC Acquisition Corporation, the first regional special purpose acquisition company (Spac) – as well as its subsidiaries Lunate and Beltone.
Lunate, which manages more than Dh400 billion in assets, last month launched the Alterra private climate investment vehicle at Cop28, which aims to raise $250 billion globally in the next six years to create a fairer climate finance system.
Meanwhile, Egypt-listed Beltone Holding, a financial services provider, recently raised 10 billion Egyptian pounds ($323.6 million) "in the largest capital increase in the history of the Egyptian Stock Exchange".
Also part of 2PointZero will be Abu Dhabi-headquartered International Resources Holding (IRH), which focuses on energy transition minerals and resources such as copper, cobalt, nickel, lithium, 3T (tin, tantalum and tungsten), manganese and graphite.
Recently, IRH signed a $1.1 billion investment agreement for a 51 per cent stake in Zambia's Mopani Copper Mines. The company has more than 20 assets under negotiation and more than 22,000 square kilometres under exploration in various countries.
Sagasse Investments, which has total assets of Dh8 billion as of 2023, and Citadel Technologies, which operates a crypto mining plant in Abu Dhabi and specialises in Bitcoin extraction, are among other businesses in the new holding company.
The new company, 2PointZero, will use IHC's "expertise and acumen" to operate at an "unprecedented scale", said Syed Shueb, IHC’s chief executive.
IHC, founded in 1998 as part of a move to diversify and develop non-oil business sectors in the UAE, is among the most valuable listed holding companies in the Middle East.
It comprises more than 500 subsidiaries and 107,000 employees and plans to expand and diversify its holdings across asset management, health care, property and construction, marine and dredging, IT and communications, financial services, food production, utilities and services.
Among its subsidiaries are Alpha Dhabi Holding, Q Holding, International Securities, Al Seer Marine and Multiply Group.
IHC reported a net profit of Dh4.13 billion for the third quarter of last year, with revenue for the three months up nearly 14 per cent yearly to about Dh14.15 billion.
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Always use only regulated platforms
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Courtesy: Crystal Intelligence
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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more from Janine di Giovanni
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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.
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UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
The specs: 2018 Audi RS5
Price, base: Dh359,200
Engine: 2.9L twin-turbo V6
Transmission: Eight-speed automatic
Power: 450hp at 5,700rpm
Torque: 600Nm at 1,900rpm
Fuel economy, combined: 8.7L / 100km
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Company profile
Company: Eighty6
Date started: October 2021
Founders: Abdul Kader Saadi and Anwar Nusseibeh
Based: Dubai, UAE
Sector: Hospitality
Size: 25 employees
Funding stage: Pre-series A
Investment: $1 million
Investors: Seed funding, angel investors
Killing of Qassem Suleimani
ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
Our family matters legal consultant
Name: Hassan Mohsen Elhais
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
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