Abu Dhabi's Sheikh Tahnoon eyes reinvestment in ‘high-growth industries' as IHC revenues surge to $25bln
Abu Dhabi's Sheikh Tahnoon bin Zayed Al Nahyan is eyeing reinvestment in 'high-growth industries' following IHC's 54.2% surge in revenue to 92.7 billion UAE dirhams ($25.2 billion) for 2024.
Sheikh Tahnoon, who serves as the Chairman of Investment Holding Company (IHC), attributed the results of the diversified conglomerate to 'active portfolio management' and 'leveraging AI-driven efficiencies', even as it eyes further expansion in 2025 to leverage favourable market conditions.
Total assets reached AED 401.8 billion in 2024 for IHC, a 52% increase from December 2023, with net profit after tax reaching AED 25.7 billion.
Strong performances across IHC verticals, including real estate and construction, marine and dredging, and hospitality and leisure, supported financial growth, the company said, along with strategic acquisitions and project expansions.
One of the biggest IHC acquisitions of 2024 was the UAE holding company acquiring a 51% stake in Mopani Copper Mines, one of the largest copper and cobalt producers in Zambia.
Last year also saw Enersol, a joint venture between Alpha Dhabi Holding, a subsidiary of IHC, and ADNOC Drilling, acquiring an additional 42.2% equity stake in Gordon Technologies for approximately $270 million, becoming the majority equity shareholder in the company.
Established in 1999, IHC has market capitalisation of AED 876.5 billion, spanning over 1,200 subsidiaries.
(Writing by Bindu Rai, editing by Seban Scaria)
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