Abu Dhabi – Mubasher: Alpha Dhabi Holding entered into a strategic partnership with Abu Dhabi-based investment and holding company ADQ to sell a 49% stake in its subsidiary Alpha Dhabi Construction Holding (ADCH).
Under the agreement, the ADX-listed entity will retain a 51% shareholding in ADCH to boost its commitment to the construction sector, according to a press release.
ADCH and ADQ will join forces to anchor the former’s position as an industry leader and an engine of the Emirate’s growth.
Meanwhile, the transaction is subject to customary closing conditions, including regulatory approvals.
Hamad Al Ameri, CEO of ADH and the newly appointed Chairman of ADCH, commented “ This 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.”
“Together, we are poised to set new benchmarks in the dynamic construction industry, driving progress and prosperity in our region,” Al Ameri continued.
Hamad Al Hammadi, Deputy CEO of ADQ, said: “With a longstanding 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 impressive journey in spearheading the development of landmarks and coveted real estate developments in the UAE.”
In 2023, Alpha Dhabi Holding registered 25% higher net profits at AED 13.28 billion, versus AED 10.60 billion a year earlier.
