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Al Qudra plans Dh3.7b IPO

"An allocation of 45 per cent shares has been made for the founders while the remaining 55 per cent a floatation of 25 per cent will be offered to the general public amounting to Dh3.7 billion," said Saleh Salim Al Shamsi, Chairman Al Qudra Holding, without elaborating on the details of the financial scheme.

The company's net worth under evaluation is estimated between Dh10.5 billion to 11.5 billion and would be made available at the time of the IPO. Al Qudra Holding, launched two years ago, made headlines when it launched 30 companies in diversified areas in less than a year. The companies run by the Holding Company specialises in real estate, infrastructure, utilities, solid waste management, media, tourism, transport, agriculture, sport management, engineering, manufacturing, investments and financial services.

The holding company plans a name change to Al Qudra Emirates Holding Company after the IPO launch and is set to expand in Kuwait, Saudi Arabia, Oman, Yemen and North African countries of Egypt, Morocco, Tunisia, and Algeria in the tourism, real estate, manufacturing and agriculture sectors.

With the support of the North African governments, Al Qudra is in the final stage to launch $850 million-worth of real estate projects which will include shopping malls, residential and commercial towers. In Algeria the company plans to launch $350 million-worth tourism and real estate projects.

Saleh Salim Al Shamsi told shareholders about the logistic services of the company and the Q-Link Taxi that operates from hotels.

The fleet of cabs would be expanded to 1,121 for Abu Dhabi and Al Ain in a five-year plan.

In the UAE, the new projects include the Emirates Investment Park to be built on a 22 square kilometre piece of land in Abu Dhabi. The initial feasibility study has already been approved by the Abu Dhabi Urban Planning Council and work on the second phase of project implementation is under way.

He said that the feasibility studies on the entire Al Qudra's development projects on Reem Island have been completed.

Projects on the 1.8 million square feet of land will include five sky-rise towers, comprising 45 storeys each.

Shareholders were briefed about investment opportunities available in the private sector to continue expanding Al Qudra projects and initiatives for which a strategy has already been finalised.

The assembly was informed that the decision to go public was to expand and support existing projects.

The assembly was also informed that the company has joined a consortium for the waste management in the country at a cost of Dh1.6 billion.