Compound annual growth rate of the Mena e-commerce industry has grown by 25% from 2018 until 2023
business4 days ago
Alpha Dhabi Holding has announced that it will divest 49 per cent of its subsidiary Alpha Dhabi Construction Holding (ADCH) to ADQ, an Abu Dhabi-based investment and holding company.
ADH will retain a 51 per cent shareholding in ADCH, continuing its commitment to the construction sector in strategic partnership with ADQ.
The partnership will combine the expertise and capabilities of ADCH and ADQ, solidifying ADCH's position as an industry leader and an engine of the Emirate's growth. The transaction is subject to customary closing conditions, including regulatory approvals.
Hamad Al Ameri, CEO and MD of ADH and the newly appointed Chairman of ADCH, commented, "Our partnership with ADQ is a transformative step for ADCH, marking a new era of strategic growth and innovation. With a shared vision for excellence, this collaboration 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. Together, we are poised to set new benchmarks in the dynamic construction industry, driving progress and prosperity in our region."
Hamad Al Hammadi, Deputy Chief Executive Officer of ADQ, said, "With a longstanding focus on investing in infrastructure assets in line with our mandate, we welcome the opportunity to invest in ADCH as it enters the next phase of its impressive journey in spearheading the development of landmarks and coveted real estate developments in the UAE. We are confident that ADCH will benefit from being part of our diverse portfolio and leverage the opportunities this will unlock."
The size of UAE construction market is estimated at $41 billion in 2024 and expected to grow to over $50 billion by 2029.
The construction industry in Abu Dhabi has been witnessing continuous expansion, growing by 14.3 per cent and contributing Dh25 billion to the Emirate's GDP in the third quarter of 2023.
Significant large-scale investments in construction across Abu Dhabi provide new housing opportunities, create new employment, and contribute to the diversification of the Emirate's economy.
Compound annual growth rate of the Mena e-commerce industry has grown by 25% from 2018 until 2023
business4 days ago
Partnership will allow TerraPay to capitalise on expand its presence in the UAE
business4 days ago
Revenue growth driven by a 17.5% growth in volume and a 5.1% increase in pricing
business4 days ago
GCC nations uniquely positioned to take advantage of new opportunities, says report
business5 days ago
The UAE had earlier tightened real estate investment rules and asked property agents, brokers, and law firms to report cash transactions worth Dh55,000 and above
business5 days ago
Family-owned conglomerate committed to nurturing the development of Emirati workforce
business5 days ago
Being a sustainable organisation means working beyond your boundaries as an entity
business5 days ago
Consumption volumes for firm’s cooling services growing organically by 9%
business5 days ago