Abu Dhabi-listed Alpha Dhabi Holding is to sell a 49 per cent stake in its construction subsidiary to investment conglomerate ADQ as the UAE capital focuses on growing its infrastructure as it diversifies its economy.
The move aims to combine “the expertise and capabilities” of Alpha Dhabi Construction Holding and ADQ, Alpha Dhabi said in a statement on Tuesday to the Abu Dhabi Securities Exchange, where its shares are traded.
The size of the transaction, subject to regulatory approvals, was not disclosed.
Alpha Dhabi will retain the 51 per cent stake in ADCH, which, along with its subsidiary Trojan Construction, has worked on projects such as the Zayed National Museum and the Guggenheim Museum, and critical infrastructure such as the national railway network.
It has also worked on large-scale residential community projects for local real estate developers, including Aldar, Modon Properties and Emaar.
The collaboration “allows us to deepen our commitment to national development, enabling us to tackle complex, large-scale projects with a keen focus on safety, quality, and timely delivery”, said Hamad Al Ameri, chief executive and managing director of Alpha Dhabi and chairman of ADCH.
Alpha Dhabi, set up in 2013, has more than 250 businesses across health care, renewable energy, petrochemicals, real estate, construction and hospitality, and employs more than 90,000 people.
It reported a 45.4 per cent surge in its full-year profit for 2023 to Dh10.6 billion ($2.89 billion), as revenue rose 14 per cent annually to Dh45.4 billion.
The company's portfolio in property and construction contributed 23 per cent and 19 per cent, respectively, to the total revenue.
In 2022, the company also increased its stake in Aldar Properties to become the parent company of the property developer.
The property and construction market in the UAE is growing, amid plans to support economic diversification as well as infrastructure spending to grow foreign direct investment.
The country's construction market is estimated to reach more than $50.4 billion by 2029 from $41 billion in 2024, according to a report by Mordor Intelligence.
In Abu Dhabi, the construction industry grew by 14.3 per cent and contributed Dh25 billion to the emirate’s economy in the third quarter of 2023, according to official data from the Statistics Centre Abu Dhabi.
ADQ, which has 25 companies under its umbrella spanning sectors including energy, utilities, food and agriculture, health care, pharmaceuticals, mobility and logistics, is also expanding its portfolio locally and internationally.
The annual profit of companies within the group's portfolio has been growing 20 per cent every year between 2019 and 2022, contributing 22 per cent to Abu Dhabi’s non-oil gross domestic product, Jaap Kalkman, group chief investment officer at ADQ, said in November.
Some of the companies in its portfolio include Abu Dhabi National Energy Company, better known as Taqa, the Emirates Nuclear Energy Corporation, Abu Dhabi Airports, Abu Dhabi Ports Group, Etihad Rail and Abu Dhabi National Exhibitions Company.
“With a long-standing focus on investing in infrastructure assets in line with our mandate, we welcome the opportunity to invest in ADCH as it enters the next phase of its … journey in spearheading the development of landmarks and coveted real estate developments in the UAE,” said Hamad Al Hammadi, deputy chief executive of ADQ.
Company%20Profile
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A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
The biog
From: Upper Egypt
Age: 78
Family: a daughter in Egypt; a son in Dubai and his wife, Nabila
Favourite Abu Dhabi activity: walking near to Emirates Palace
Favourite building in Abu Dhabi: Emirates Palace
Heather, the Totality
Matthew Weiner,
Canongate
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Fifa%20World%20Cup%20Qatar%202022%20
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Killing of Qassem Suleimani
Company%20profile
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MATCH INFO
Manchester United 1 (Fernandes pen 2') Tottenham Hotspur 6 (Ndombele 4', Son 7' & 37' Kane (30' & pen 79, Aurier 51')
Man of the match Son Heung-min (Tottenham)
MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
Afghanistan squad
Gulbadin Naib (captain), Mohammad Shahzad (wicketkeeper), Noor Ali Zadran, Hazratullah Zazai, Rahmat Shah, Asghar Afghan, Hashmatullah Shahidi, Najibullah Zadran, Samiullah Shinwari, Mohammad Nabi, Rashid Khan, Dawlat Zadran, Aftab Alam, Hamid Hassan, Mujeeb Ur Rahman.
Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.
A semen analysis of the father showed abnormal sperm so the couple required IVF.
Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.
A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.
On day three of the process, 14 embryos were biopsied for gender selection.
The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.
Day five of the treatment saw two male embryos transferred to the patient.
The woman recorded a positive pregnancy test two weeks later.
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
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
The specs
Engine: 8.0-litre, quad-turbo 16-cylinder
Transmission: 7-speed auto
0-100kmh 2.3 seconds
0-200kmh 5.5 seconds
0-300kmh 11.6 seconds
Power: 1500hp
Torque: 1600Nm
Price: Dh13,400,000
On sale: now
