From electricity, real estate development, and hospitals to billboards, driving schools, and chicken farms, one massive conglomerate powers much of Abu Dhabi's corporate landscape: the International Holding Company (IHC).
UAE, United Arab Emirates, Abu Dhabi, Gulf, Persian Gulf
currently unites about 1,500
IHC has grown rapidly in recent years, and its subsidiaries, according to its CEO Syed Basar Shueb, have interests and influence spanning the emirate's rapidly growing economy.
is behind a significant part of the corporate landscape
from electricity to development and hospitals
…from billboards to driving schools and chicken farms
One executive working in the UAE described Abu Dhabi as "a VERY MODERN MONARCHY that essentially operates like a CONGLOMERATE: one is responsible for FINANCE and INVESTMENT, the other for TECHNOLOGY." For the emirate, he said, "the COMPANY is a MEANS, not an END.".
one huge conglomerate of Abu Dhabi
In the Gulf, even the BIGGEST plans can quickly change course. They are often "OUTSIDED" by new developments in GROWTH industries—for example, AI. This gives state-linked entities a rare opportunity: they move FAST, become market leaders, mobilize capital, and leverage networks. As a result, the PRIVATE sector is often left behind.
has grown rapidly in recent years
about 1,500 subsidiaries
IHC with a market capitalization of about $240 BILLION — the largest company on the ABU DHABI Stock Exchange by a wide margin. In the index FTSE ADX General she occupies 41,5%. If you add listed subsidiaries, Alpha Dhabi And 2PointZero — the share becomes even higher. First Abu Dhabi Bank (FAB), the country's largest bank, comes in second with a weight of about 10%. Its chairman is also Sheikh Tahnoon.
interests and influence throughout the emirate
IHC's assets already exceed $125 BILLION. The chairman of the group is Sheikh Tahnoon bin Zayed Al Nahyan. He plans almost DOUBLE them for 5 YEARS. Total 7 YEARS IHC was almost unknown back then. Then it invested in FISH FARMS And REAL ESTATE.
However, Gulf political economy experts say the IHC's meteoric rise reflects blurring of boundaries in the emirate between assets of the ruling family And state assets, and also lack of transparency.
covers key sectors of the economy
Shuaib (Syed Basar Shuaib, CEO of IHC (International Holding Company) linked the rapid growth of IHC's assets to the growth of companies within the group. He added: IHC plans to spend $36 BILLION every 18 MONTHS for new acquisitions. Furthermore, IHC is among the major international groups considering a bid for LUKOIL's foreign assets. This discussion has intensified following new US sanctions against the Russian company.
impacts Abu Dhabi's domestic business
The emirate's economy is growing rapidly
ECONOMIC POWER is increasingly concentrated in the hands of ROYALTY. Therefore, the emirate appears as an "INTERESTING HYBRID: HYPERMODERN and at the same time completely PATRIMONIAL." So says Steffen Hertog, associate professor London School of Economics (LSE).