Alpha Dhabi Holding PJSC built an additional stake in Abu Dhabi’s biggest property developer valued at about $1.5 billion as the United Arab Emirates-based holding company boosts its investment portfolio.
The firm, one of the UAE’s biggest listed companies by market value, acquired a 17% stake in Aldar Properties PJSC, according to a statement. That comes on top of a 12.8% shareholding Alpha Dhabi bought in the real-estate developer last year.
“Aldar’s rapid growth, strategic expansion plan and projects pipeline represent the right investment for ADH and our shareholders,” said Alpha Dhabi Chief Executive Officer Hamad Mohamed Al-Ameri. “Aldar’s many projects vary between local, regional and international markets and align with our vision for ADH to explore new markets.”
Alpha Dhabi is looking for opportunities to deploy capital in private and public assets in the country as part of its new strategy, Al-Ameri told Bloomberg in December. It will also explore investments across the Middle East and North Africa, the U.S., India and Pakistan, he said.
The firm said the additional stake purchase in Aldar is in line with an expansion plan targeting 8 billion dirhams for investments in real estate, hospitality, healthcare, petrochemicals, and other sectors inside and outside the UAE.
More from Alpha Dhabi announcements:
- Alpha Dhabi and its subsidiaries acquired the entire share-capital of Sogno Two Sole Proprietorship, Sogno Three Sole Proprietorship, and Sublime Two Sole Proprietorship
- As a result, it has effectively acquired the following:
- Additional 17% stake in Aldar
- Additional 3.38% stake in National Marin Dredging
- Investment in Al Qudra Holding equivalent to 25.24% of its share capital
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