ABU DHABI: International Holding Company , whose assets include firms in the fast-growing health care and industrial sectors, became Abu Dhabi’s most valuable listed company on Sunday when its shares surged nearly 15 percent after the listing of a subsidiary.
The company is chaired by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’ national security adviser and a brother of the country’s de facto ruler Abu Dhabi Crown Prince Mohammed bin Zayed.
IHC’s market capitalization hit 201.7 billion dirhams ($54.92 billion) after the market debut of Alpha Dhabi , a holding company operating in the health care, construction and hospitality sectors, in which IHC holds a 45 percent stake.
That exceeded telecom operator Etisalat’s $52.6 billion market cap, and brought gains in IHC shares this year to more than 163 percent.
Alpha Dhabi opened at 20 dirhams a share on the Abu Dhabi Securities Exchange. By the close it had eased to 15 dirhams, giving it a market value of 150 billion dirhams ($40.8 billion).
The share surge also lifted the Abu Dhabi index which closed 2 percent higher. Market capitalization of the bourse crossed over 1 trillion dirhams for the first time ever.
IHC, which operates in a range of sectors including health care and agriculture, has gone through rapid expansion across its major business sectors, resulting in sharp growth in its financials.
Its health care subsidiaries have been involved in the treatment of COVID-19 patients in the UAE, including taking part in testing and the vaccine campaign, IHC’s annual report says.
Alpha Dhabi in March acquired a 12.1 percent stake in Abu Dhabi’s biggest listed developer Aldar Properties, the builder of the emirate’s Formula One race track.
IHC has seen rapid growth in earnings in the past year, reporting a first-quarter profit of 1.5 billion dirhams ($408 million), up from 112.2 million dirhams a year earlier.
IHC becomes Abu Dhabi’s most valuable public firm after unit lists
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IHC becomes Abu Dhabi’s most valuable public firm after unit lists
- The share surge also lifted the Abu Dhabi index which closed 2% up
Industry leaders highlight Riyadh’s Metro, infrastructure as investment catalysts
RIYADH: Saudi Arabia’s capital, Riyadh, is experiencing a transformative phase in its real estate sector, with the construction market projected to reach approximately $100 billion in 2025, accompanied by an anticipated annual growth rate of 5.4 percent through 2029.
The Kingdom is simultaneously advancing its data center capacity at an accelerated pace, with an impressive 2.7 GW currently in the pipeline. This expansion underscores the critical role of strategic land and power planning in establishing national infrastructure as a cornerstone of economic growth.
These insights were shared by leading industry experts during JLL’s recent client event in Riyadh, which focused on the city’s macroeconomic landscape and emerging trends across office, residential, retail, hospitality, and pioneering sectors, including AI infrastructure and Transit-Oriented Development.
Saud Al-Sulaimani, Country Lead and Head of Capital Markets at JLL Saudi Arabia, commented: “Riyadh is positioned at the forefront of Saudi Arabia’s Vision 2030, offering unparalleled opportunities for both investors and developers. National priorities are continuously recalibrated to ensure strategic alignment of projects and foster deeper collaboration with the private sector.”
He added: “Recent regulatory developments, including the introduction of the White Land Tax and the rent freeze, are designed to stabilize the market and are expected to drive renewed focus on delivering premium-quality assets. This dynamic environment, coupled with evolving construction cost considerations in select segments, is fundamentally reshaping the market landscape while accelerating progress toward our national objectives.”
The event further underscored the transformative impact of infrastructure initiatives. Mireille Azzam Vidjen, Head of Consulting for the Middle East and Africa at JLL, highlighted Riyadh’s transit revolution. She detailed the Riyadh Metro, a $22.5 billion investment encompassing 176 kilometers, six lines, and 84 stations, providing extensive geographic coverage, with a depth of 9.8 km per 100 sq. km. This strategic development generates significant TOD opportunities, with properties in proximity potentially commanding a 20-30 percent premium. JLL emphasized the importance of implementing climate-responsive last-mile solutions to enhance mobility and accessibility, particularly given Riyadh’s extreme temperatures.
Gaurav Mathur, Head of Data Centers at JLL, emphasized the rapid expansion of the Kingdom’s AI infrastructure, signaling a critical area for technological investment and innovation.
Focusing on the construction sector, Maroun Deeb, Head of Projects and Development Services, KSA at JLL, explained that the industry is actively navigating complexities such as skilled labor availability, material costs, and supply chain dynamics.
He highlighted the adoption of Building Information Modeling as a key driver for enhancing operational efficiency and project delivery.
