#AbuDhabi's IHC to focus on domestic acquisitions as global economy slows | Reuters

Abu Dhabi's IHC to focus on domestic acquisitions as global economy slows | Reuters

Abu Dhabi conglomerate International Holding Company (IHC.AD) said on Thursday it was refocusing on domestic acquisitions as global economic challenges hamper its efforts to expand abroad and net profit fell slightly in the second quarter.

IHC, which rose from relative obscurity to become the United Arab Emirates' largest publicly traded company worth more than $235.98 billion, said the approach aims to safeguard investments during uncertain times.

"In response to the prevailing slower economic backdrop, IHC's strategy inclines towards more domestic business acquisitions, leveraging the UAE's stable economic environment, investor-friendly government policies, strategic location, tax incentives, and diverse property market," it said in a statement.

Profit fell to 6.12 billion dirhams in the quarter ended June 30 from 6.81 billion dirhams in the year-earlier period.

IHC is part of a business empire overseen by its chair, Sheikh Tahnoon bin Zayed al-Nahyan, who is also the UAE's national security adviser and a foreign policy troubleshooter for his brother, President Sheikh Mohammed bin Zayed al-Nahyan.