Al Tamouh Investments, Al Qudra Holding announce merger, foreign ownership

The International Holding Company (IHC) has formally agreed to a merger of its subsidiary Al Tamouh Investments with Al Qudra Holding.

It comes as Al Qudra Holdings approves a new foreign ownership limit of 30 per cent, subject to regulatory approvals. Previously, only UAE nationals were permitted to own shares in the company.

The merger will be completed through the transfer of shares in Al Tamouh Investments in return for unsecured mandatory convertible bonds issued by Al Qudra Holding.

"We welcome IHC as a cornerstone investor to Al Qudra, while our decision to introduce the potential for foreign ownership paves the way for a widening of the shareholder base in future," said Abdulla Bin Mohamed Bin Butti Al Hamed, Chairman of Al Qudra Holding.

Based in Abu Dhabi, Tamouh is a real estate developer launched in 2007 with ambitious projects to shape the future of the capital. The company is a primary developer of a number of key projects including Marina Square, the City of Lights, Fantasy Island, Meena Hotel and Towers, and the Royal Group Headquarters.

Al Qudra focuses its investments and partnerships in essential sectors, like oil and gas, banking and finance. As part of its diversification strategy, the company has investments in selected industries, such as real estate, services and hospitality.