Qudra Holding pre-IPO value placed at Dh9b

Quoting Kuwait's Safat Investment Company, a shareholder of the property major, Reuters yesterday said the private joint stock investment company would be worth between Dh14 and Dh15 per share.

Safat Investment Co, which bought 10 per cent of AQH or 60 million Qudra shares at Dh600 million, said it estimated a public share sale expected in February 2008 would value the Abu Dhabi-based company at Dh9 billion.

Salah Salem bin Omeir Al Shamsi, chairman and managing director of Al Qudra Holding, said last month AQH planned to sell about 25 per cent of the company in the first quarter as it seeks to expand in the Arab world. Al Qudra, a diversified group, has 30 units operating in real estate, transport and infrastructure.

"The company is diligently working towards listing a portion of its shares for public subscription. Preparations with the country's underwriting specialists are currently under way to ensure the smooth transition of Al Qudra Holding into a publicly listed company," Shamsi said recently.

He pointed out that the value of Al Qudra Holding's shares have significantly increased over the past two years as a result of record breaking achievements that have put the company in the spotlight both locally and abroad.

According to Shamsi, AQH's launch to international markets has come after a clear and strategic expansion plan aimed at achieving its objective to be the preferred strategic partner from Abu Dhabi.

Al Qudra Real Estate, a subsidiary of AQH, announced its first project — Danet Abu Dhabi — in May 2006. The project promises to provide a new urban community in uptown Abu Dhabi and will be ready for residents to move in by early 2009.

On Friday, Al Qudra Holding International, the international investment arm of AQH, and Yemen's General Authority for Investment signed an agreement for the development of the 'Sanaa Towers' project in the Yemeni capital. The signing ceremony was attended by Prime Minister of Yemen Ali Mohammed Mujawwar and UAE Foreign Minister Shaikh Abdullah bin Zayed Al Nahyan.

The project consists of housing and commercial towers, shopping centre, a luxury hotel, cluster of villas, diplomat's club and a host of service utilities in addition to innovative entertainment facilities.

The agreement was signed between Al Shamsi and Salah Al Attar, chairman of Yemeni Investment Authority.

The Sanaa Towers project comes in line with the long term vision of Al Qudra International Holding and its determination to develop unique projects in several parts of the world. Yemen was selected in view of its strong market potential, said Al Shamsi.

Al Safat Investment Company was established in 1983 with a capital of KD17 million. It conducts investment activities in different fields through participating in companies and managing portfolios, bonds, brokerage, and related activities in Kuwait.