MODON
IHC
Abu Dhabi – Mubasher: International Holdings Company (IHC) has acquired a majority and controlling stake in Al Qudra Holding (AQH), an Abu Dhabi-based real estate, services, hospitality, and investments company.
The acquisition will enable IHC to expand its businesses in the real estate, services, and hospitality sectors, according to a press release on Monday.
Established in 2005, Al Qudra Holding has more than 12 subsidiaries spread real estate, services, hospitality, investments sectors as well as the oil and gas sector.
The CEO and Managing Director of IHC, Syed Basar Shueb, said: "The acquisition comes in line with this year's disclosed IHC investment plan across several sectors, including the Real Estate area, which will create immediate growth and value to our shareholders."
The Chairman of Al Qudra Holding, Sheikh Abdulla bin Mohamed bin Butti Al Hamed, commented: "To date, the company has put forward unique investment opportunities and facilitated the development of various projects that meet the local and regional market needs."
It is noteworthy to mention that in early December, the board of IHC approved the sale and transfer of IHC entities' stakes in Al Tamouh Investments to Al Qudra Holding.