Dubai [UAE], April 16 (ANI/WAM): 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 US$41 billion in 2024 and is expected to grow to over USD 50 billion by 2029.
The construction industry in Abu Dhabi has been witnessing continuous expansion, growing by 14.3 per cent and contributing AED25 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. (ANI/WAM)
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