Image: WAM
Alpha Dhabi Holding (Alpha Dhabi) has announced a strategic move by divesting 49 per cent of its subsidiary, Alpha Dhabi Construction Holding (ADCH), to the investment and holding company, ADQ.
Alpha Dhabi Holding will retain a 51 per cent shareholding in ADCH, maintaining its interests in the construction sector.
The UAE construction market is estimated to be worth $41bn in 2024, with projections indicating growth to over $50bn by 2029.
Abu Dhabi’s construction industry, more specifically, has experienced continuous expansion, with a growth rate of 14.3 per cent in Q3 2023. This growth contributed Dhs25bn to the emirate’s GDP.
Read: Abu Dhabi unveils new Dhs3.5bn residential project for citizens
Alpha Dhabi CEO says collab will help tackle large-scale projects
Hamad Al Ameri, CEO and MD of ADH and the newly appointed chairman of ADCH, expressed optimism about the transformative potential of the partnership with ADQ. “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 CEO of ADQ, highlighted the alignment of ADCH’s journey with ADQ’s focus on investing in infrastructure assets. “We are confident that ADCH will benefit from being part of our diverse portfolio and leverage the opportunities this will unlock.”