International Holding Company (IHC), the Abu Dhabi-based conglomerate, has acquired a 54 per cent stake in information and communications technology provider Emircom for Dh250 million ($68m).
The acquisition, made through its subsidiary IHC Digital, is part of the group's strategy to grow its digital assets portfolio and expand into new growth areas, IHC said in a statement on Wednesday to the Abu Dhabi Securities Exchange, where its shares are traded.
Established in Abu Dhabi in 1984, Emircom offers end-to-end digital solutions to service providers, governments, educational institutes, finance houses and healthcare organisations across the Middle East.
It also has partnerships with tech companies such as Cisco, Oracle, Dell, Palo Alto, Fortinet, F5, Software AG, Microsoft, SAS, Huawei, Schneider and HP.
The deal is subject to regulatory approvals and the completion of legal formalities, IHC said.
“We shall continue to seek further acquisitions in different industries, including the ICT area, building on our well-established track record of acquiring high-value and profitable investments that benefit our shareholders in the short- and long-term," said Syed Shueb, IHC’s chief executive.
"This acquisition of a majority stake in Emircom will help IHC Digital to continue deepening its profitability and depth in the sector.“
Majority-owned by Abu Dhabi's PAL group of companies, IHC was founded in 1998 as part of efforts to diversify and develop the UAE's non-oil business sector.
The company is rapidly expanding its portfolio through local and global acquisitions as well as investments, and currently comprises more than 30 entities with 52,345 employees.
IHC is included in the FTSE ADX 15 Index, which represents the top 15 largest and most liquid companies on the ADX.
It is diversifying its holdings across sectors, including real estate, agriculture, health care, food and beverage, utilities, industries, IT and communications, retail and leisure, and capital.
Earlier this month, IHC acquired a 15 per cent stake in UAE's healthcare services provider Burjeel Holdings for an undisclosed sum.
The move came before Burjeel's announcement this week to sell 11 per cent in the company in an initial public offering on the ADX this year.
We shall continue to seek further acquisitions in different industries, including the ICT area
Syed Shueb,
IHC’s chief executive
Last month, IHC also acquired a 50 per cent stake in Turkish renewable energy company Kalyon Enerji for Dh1.8 billion to expand its clean energy portfolio.
It is also expanding in India, Asia’s third-largest economy, and completed a Dh7.3bn investment deal with India’s Adani Group that is led by billionaire industrialist Gautam Adani.
As part of the transaction, the Abu Dhabi company is investing in three green-focused companies of the Adani Group — Adani Green Energy, Adani Transmission and Adani Enterprises, it said in May.
IHC's latest acquisition will support Emircom, which currently has about 1,000 employees, to further grow operations, said Hussain Al Nowais, chairman of Al Nowais Investments and Emircom’s shareholder.
“This acquisition brings a new dimension to Emircom, as well as adding further scale to our business growth plans in the Middle East market," he said.
UAE currency: the story behind the money in your pockets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 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
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
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Essentials
The flights
Return flights from Dubai to Windhoek, with a combination of Emirates and Air Namibia, cost from US$790 (Dh2,902) via Johannesburg.
The trip
A 10-day self-drive in Namibia staying at a combination of the safari camps mentioned – Okonjima AfriCat, Little Kulala, Desert Rhino/Damaraland, Ongava – costs from $7,000 (Dh25,711) per person, including car hire (Toyota 4x4 or similar), but excluding international flights, with The Luxury Safari Company.
When to go
The cooler winter months, from June to September, are best, especially for game viewing.
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
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UAE currency: the story behind the money in your pockets
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The biog
Favourite film: Motorcycle Dairies, Monsieur Hulot’s Holiday, Kagemusha
Favourite book: One Hundred Years of Solitude
Holiday destination: Sri Lanka
First car: VW Golf
Proudest achievement: Building Robotics Labs at Khalifa University and King’s College London, Daughters
Driverless cars or drones: Driverless Cars
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Meydan racecard:
6.30pm: Al Maktoum Challenge Round 2 (PA) Group 1 | US$75,000 (Dirt) | 2,200 metres
7.05pm: UAE 1000 Guineas (TB) Listed | $250,000 (D) | 1,600m
7.40pm: Meydan Classic Trial (TB) Conditions | $100,000 (Turf) | 1,400m
8.15pm: Al Shindagha Sprint (TB) Group 3 | $200,000 (D) | 1,200m
8.50pm: Handicap (TB) | $175,000 (D) | 1,600m
9.25pm: Handicap (TB) | $175,000 (T) | 2,000m
10pm: Handicap (TB) | $135,000 (T) | 1,600m
UAE currency: the story behind the money in your pockets
