Abu Dhabi’s International Holding Company (IHC) has acquired a 49 per cent stake in Modon Properties.
IHC Capital Holding, a unit of IHC, has signed a definitive agreement to buy a stake in the Abu Dhabi-based developer, the company said in a statement on Wednesday to the Abu Dhabi Securities Exchange, where its shares are traded.
The total value of the deal, which is subject to obtaining regulatory approvals, was not disclosed.
Modon Properties is a project manager and developer of mixed-use real estate in Abu Dhabi.
It is leading the development of the Hudayriyat Island master plan that was unveiled by the government in June. The project, spanning more than 51 million square metres, will include residential communities and amenities.
IHC, the UAE's most valuable company, has investments in sectors including clean energy, food and agriculture, health care, real estate, information technology and artificial intelligence in 20 countries across Asia, Africa, Europe, North America and South America.
The conglomerate has made several strategic investments in recent quarters to expand its asset base in the UAE as well as in international markets.
Earlier this year, it acquired a 55 per cent stake in UAE-based recruitment company Reach Employment Services to increase its market share in the employment sector. The deal is valued at Dh315 million ($85.8 million).
Last year, the company bought a 54 per cent stake in Abu Dhabi’s information and communications technology provider Emircom for Dh250 million.
It is also teaming up with Aldar Properties and Adnec Group to merge their jointly owned property and facilities management businesses to create the Middle East region’s largest such company, the parties said last month.
In May, IHC Capital teamed up with with Grupo Nutresa, Grupo Sura, Grupo Argos – a Colombian conglomerate with investments in the cement and energy industries – and other business shareholders, in a push to expand its assets in South America.
Results:
6.30pm: Handicap (Turf) | US$175,000 2,410m | Winner: Bin Battuta, Christophe Soumillon (jockey), Saeed bin Suroor (trainer)
7.05pm: UAE 1000 Guineas Trial Conditions (Dirt) | $100,000 | 1,400m | Winner: Al Hayette, Fabrice Veron, Ismail Mohammed
7.40pm: Handicap (T) | $145,000 | 1,000m | Winner: Faatinah, Jim Crowley, David Hayes
8.15pm: Dubawi Stakes Group 3 (D) | $200,000 | 1,200m | Winner: Raven’s Corner, Richard Mullen, Satish Seemar
8.50pm: Singspiel Stakes Group 3 (T) | $200,000 | 1,800m | Winner: Dream Castle, Christophe Soumillon, Saeed bin Suroor
9.25pm: Handicap (T) | $175,000 | 1,400m | Winner: Another Batt, Connor Beasley, George Scott
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
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Chatham House Rule
A mark of Chatham House’s influence 100 years on since its founding, was Moscow’s formal declaration last month that it was an “undesirable
organisation”.
The depth of knowledge and academics that it drew on
following the Ukraine invasion had broadcast Mr Putin’s chicanery.
The institute is more used to accommodating world leaders,
with Nelson Mandela, Margaret Thatcher among those helping it provide
authoritative commentary on world events.
Chatham House was formally founded as the Royal Institute of
International Affairs following the peace conferences of World War One. Its
founder, Lionel Curtis, wanted a more scientific examination of international affairs
with a transparent exchange of information and ideas.
That arena of debate and analysis was enhanced by the “Chatham
House Rule” states that the contents of any meeting can be discussed outside Chatham
House but no mention can be made identifying individuals who commented.
This has enabled some candid exchanges on difficult subjects
allowing a greater degree of free speech from high-ranking figures.
These meetings are highly valued, so much so that
ambassadors reported them in secret diplomatic cables that – when they were
revealed in the Wikileaks reporting – were thus found to have broken the rule. However,
most speeches are held on the record.
Its research and debate has offered fresh ideas to
policymakers enabling them to more coherently address troubling issues from climate
change to health and food security.
