(MENAFN) Abu Dhabi's Alpha Dhabi Holding, listed on the stock exchange, has unveiled plans to divest a 49 percent stake in its construction arm to investment conglomerate ADQ, reflecting the Emirate's strategic emphasis on bolstering its infrastructure amid economic diversification efforts.
The initiative aims to leverage the respective expertise and capabilities of Alpha Dhabi Construction Holding (ADCH) and ADQ, as highlighted in a statement released by Alpha Dhabi to the Abu Dhabi Securities Exchange on Tuesday.
While the precise financial details of the transaction remain undisclosed pending regulatory approvals, Alpha Dhabi will maintain a controlling 51 percent stake in ADCH. Notably, ADCH, alongside its subsidiary Trojan Construction, boasts a formidable track record, having contributed to prominent projects such as the Zayed National Museum and the Guggenheim Museum. Additionally, its portfolio extends to critical infrastructure undertakings, including the development of the national railway network.
Furthermore, ADCH has played a pivotal role in executing large-scale residential community ventures in collaboration with esteemed local real estate developers such as Aldar, Modon Properties, and Emaar, thereby solidifying its standing as a key player in the region's construction landscape.
The cooperation “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”, Hamad Al Ameri, who serves as the chief executive and managing director of Alpha Dhabi and holds the position of chairman at ADCH, remarked on the strategic transaction.
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.
Established in 2013, Alpha Dhabi boasts a diverse portfolio spanning over 250 businesses across various sectors including healthcare, renewable energy, petrochemicals, real estate, construction, and hospitality. With a workforce exceeding 90,000 individuals, the conglomerate has solidified its presence in multiple industries.
MENAFN16042024000045015839ID1108099076
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.