International
Tech Group SP, a subsidiary of Abu Dhabi's International Holding Company (IHC),
announced on Wednesday the acquisition of an additional 46% stake in the
UAE-based ICT solutions provider Emircom for $79.5 million (AED 292 million).
Following this acquisition, Emircom has become a wholly-owned subsidiary of
IHC, as stated in a bourse filing.
In 2022, IHC
had already acquired a 54% stake in Emircom for $68.1 million (AED 250 million)
as part of its strategy to enhance its digital assets portfolio and explore new
growth opportunities.
Founded in
1984, Emircom has developed strategic partnerships with several prominent
companies in the ICT sector, including Cisco and Oracle as a Gold Certified
Partner, and Dell as a Titanium Partner, and other prominent companies,
including Palo Alto, Fortinet, F5, Software AG, Microsoft, SAS, Huawei,
Schneider, and HP.
IHC's
Expansion Strategy
The first
half of 2024 witnessed notable acquisitions by the subsidiaries of IHC. Notable
transactions include the purchase of a 14.8% stake in Grupo Nutresa, one of
Latin America's largest food-processing conglomerates. Additionally, IHC
consolidated Modon Holding along with various real estate assets, forming one
of the UAE's largest real estate entities.
In the
mining sector, International Resources Holding, a subsidiary of IHC, acquired a
51% stake in Zambia’s Mopani Copper Mines, strengthening its position in the
copper and cobalt markets. Moreover, in the blockchain arena, subsidiary
2PointZero expanded by purchasing a 49% stake in Citadel, one of the largest
crypto mining companies in the Middle East. 2PointZero was established in
January and boasts assets surpassing $27.2 billion (AED 100 billion).
Financial
Performance
IHC reported
a net profit of $3.4 billion (AED 12.3 billion) for the first half of 2024,
reflecting an 18% increase compared to the same period last year, as per an
August report. The company’s revenue surged to $11.4 billion (AED 41.7 billion)
during the same period, a 46% year-on-year rise, driven by strong growth across
its real estate, marine, hospitality, and technology segments. Additionally,
total assets grew by 37%, reaching $98.8 billion (AED 362.9 billion) by the end
of the first half compared to December 2023.
