Abu Dhabi’s International Holding Company grew net profit by 181 per cent in 2022 as the listed vehicle controlled by Abu Dhabi’s Sheikh Tahnoon bin Zayed al-Nahyan reported another year of exceptional growth.
Profit at the rapidly growing conglomerate grew from Dh11.6bn ($3.2bn) in 2021 to Dh32.6bn last year, thanks to what the company described as subsidiaries’ performance and global acquisitions.
IHC’s fortunes in recent years have perplexed bankers owing to its meteoric rise under Sheikh Tahnoon, the national security adviser of the United Arab Emirates, who became chair of the conglomerate in 2020.
IHC’s results come as Sheikh Tahnoon, who also chairs Abu Dhabi’s state holding company ADQ and the country’s largest lender First Abu Dhabi Bank, was this week elevated as chair of the $790bn Abu Dhabi Investment Authority.
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