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.
Expert advice
“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”
Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles
“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”
Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre
“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”
Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
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Company%20profile
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Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
Disposing of non-recycleable masks
Use your ‘black bag’ bin at home
Do not put them in a recycling bin
Take them home with you if there is no litter bin
- No need to bag the mask
Black Panther
Dir: Ryan Coogler
Starring: Chadwick Boseman, Michael B Jordan, Lupita Nyong'o
Five stars
The specs: 2018 Volkswagen Teramont
Price, base / as tested Dh137,000 / Dh189,950
Engine 3.6-litre V6
Gearbox Eight-speed automatic
Power 280hp @ 6,200rpm
Torque 360Nm @ 2,750rpm
Fuel economy, combined 11.7L / 100km
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
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