IHC's Alpha Dhabi acquires hospitality investor Murban for $500m

Murban's portfolio of hospitality assets includes St. Regis Saadiyat Island. (Supplied)
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Updated 27 May 2021
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IHC's Alpha Dhabi acquires hospitality investor Murban for $500m

  • Murban also owns 33 percent of the world's largest beet sugar project
  • Murban holds a minority stake in buy now pay later company Klarna

ABU DHABI: Alpha Dhabi Holding, a unit of the Abu Dhabi’s International Holding Company (IHC), acquired hospitality investor Murban for 1.7 billion dirhams ($500 million).

Murban, founded in 2006, owns assets including St. Regis at Saadiyat, Al Wathba Luxury Collection Desert Resorts and the Le Noir Café brand. In March, it signed an agreement
to build a luxury resort in Aceh province, Indonesia.

This acquisition will add to Alpha Dhabi’s portfolio of real estate, construction and industrial companies. In April, it changed its name from Trojan Holding and sold a 45 percent stake to IHC. The previous month, it bought a 12.1 percent stake in Aldar Properties from Mubadala Investment.

Murban also owns 33 percent of Canal Sugar, the largest beet sugar development project in the world, and a minority stake in Klarna, one of Europe’s biggest ‘buy now pay later’ companies.

“The move comes in line with our vision to develop our hospitality business and other sectors, deepening our ties locally and regionally,” said Syed Basar Shueb, CEO and managing director of IHC. “Furthermore, gaining a foothold in Canal Sugar, the world’s largest development of sustainable beet sugar, is a real plus point as we add to Abu Dhabi’s long-term food security program UAE National Food Security Strategy 2051.”


Qualitative leaps and record numbers are leading the Kingdom’s fisheries sector toward global leadership: vice minister 

Updated 9 sec ago
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Qualitative leaps and record numbers are leading the Kingdom’s fisheries sector toward global leadership: vice minister 

RIYADH: His Excellency the Vice Minister of Environment, Water and Agriculture, Engineer Mansour bin Hilal Al-Mushaiti, affirmed that the fisheries sector in the Kingdom has achieved qualitative accomplishments and record figures, with aquaculture production exceeding 192,000 tonnes.

This comes alongside the implementation of more than 410 projects in marine and inland waters, in addition to the export of approximately 59,000 tonnes of fishery products to more than 35 countries around the world, with a value exceeding SR1.3 billion ($346.66 million).

This was stated during His Excellency’s opening of the activities of the fifth edition of the Saudi International Marine Exhibition and Conference at the Riyadh International Convention and Exhibition Center, amid broad local and international attendance reflecting the exhibition’s growing stature as a regional and global specialized platform for the sector.

He stressed that the exhibition is no longer merely an event, but has become a global meeting platform, a growth driver, and a showcase reflecting the Kingdom’s leadership in the fisheries sector regionally and internationally.

He also underlined that this development is the result of the work of an integrated system that includes strategic planning, the development of policies and regulations, investor stimulation, and the capacity building of fishermen and practitioners.

These efforts have been led by the Ministry of Environment, Water and Agriculture, represented by the National Program for the Development of the Livestock and Fisheries Sector. They also include qualitative initiatives to support fishermen, regulate fishing activities, and develop port, transport, processing, and marketing services, positioning the Kingdom among advanced countries in the fisheries sector.

The vice minister of environment, water and agriculture also witnessed the signing of 13 memoranda, cooperation agreements, and investment contracts between a number of local and international entities, with an estimated value exceeding SR316 million.

These aim to develop investment opportunities in the fisheries sector, enhance the growth of local fishery exports to global markets, support fish and algae processing industries, and increase production efficiency to achieve food security and economic growth in line with the objectives of Saudi Vision 2030.

The exhibition, which runs for three days, is witnessing the participation of more than 30 countries and 120 exhibitors, and is expected to attract 15,000 visitors from various segments.

The event’s activities include 20 workshops in which 3,500 international and local investors and businesspeople are participating, in addition to 25 global speakers and experts.

Several countries are participating in the gathering, including China, Korea, Russia, and Norway, as well as  Spain, France, and Germany, alongside the Food and Agriculture Organization of the UN.

This presence reflects the diversity of international expertise and the depth of global interest in the fisheries and aquaculture sector.

At the conclusion of the ceremony, His Excellency toured the exhibition pavilions, reviewed prominent modern technologies and solutions in the fields of fisheries and aquaculture, and listened to exhibitors’ explanations of the latest innovations, products, and services. He stressed the importance of such exhibitions in transferring knowledge, supporting investment, and enhancing the competitiveness of the fisheries sector in the Kingdom.