Construction company Alpha Dhabi Holding, a subsidiary of International Holdings Company (IHC), has fully acquired privately-owned investment company Murban.
Abu Dhabi based Murban was founded in 2006 and reportedly has Dhs1.7bn in equity.
Murban is primarily involved in the hospitality industry, with current assets including St Regis at Saadiyat, Al Wathba Luxury Collection Desert Resorts and the Le Noir Café brand.
Earlier in March, Murban signed an agreement with the Aceh Governor to build a luxury resort in Aceh province, Indonesia,
Alpha Dhabi’s hospitality division has previously built hotels in the UAE, Morocco, Russia, and the UK. Murban’s acquisition will help accelerate Alpha Dhabi’s diversification strategy.
Alpha Dhabi, employs over 40,000 people, and is involved in the development of a several projects, including mixed-use and high-rise property, mass housing and infrastructure.
“Murban is a dynamic platform on which to build our private and public equity exposure on the international markets. In addition, Murban has an excellent portfolio of hospitality developments and we are thrilled to be working together to gain access to new markets,” said chairman of Alpha Dhabi Holding, Mohamed Thani Murshed Al Rumaithi.
In addition to gaining a prominent portfolio of hospitality assets, Murban also owns a 33 per cent equity interest in Canal Sugar S.A.E, the largest beet sugar development project in the world; and a minority stake in Klarna, one of Europe’s leading fintech ‘buy now pay later’ firms as well as other financial products.
“Gaining a foothold in Canal Sugar, the world’s largest development of sustainable beet sugar, is a real plus point as we add to Abu Dhabi’s long-term food security programme UAE National Food Security Strategy 2051,” said Syed Basar Shueb, CEO and managing director at IHC.