Latest news with #InternationalHoldingCompany
The National
3 days ago
- Business
- The National
Turkey's Kalyon Enerji seeks global expansion of its renewable business after $7bn Syria deal
Turkey's Kalyon Enerji, in which Abu Dhabi's International Holding Company has a 50 per cent stake, aims to grow its renewable energy portfolio globally, after signing a $7 billion deal in Syria to construct of new power plants in the war-torn country. Kalyon Enerji is co-owned by Turkish conglomerate Kalyon Holding, which has interests in several sectors including construction, energy and aviation. 'Our renewable portfolio at the moment is more than 2 gigawatts in operation but, in the coming five years, our target is to increase our portfolio to 5 gigawatts,' Kalyon Enerji's chief executive Murtaza Ata said in Istanbul. 'We are looking at opportunities in the Middle East, Eastern Europe and in the US to grow our portfolio.' In Eastern Europe, Kalyon Enerji is considering Romania and Poland, while in the Middle East and North Africa, it is targeting markets including Algeria, Morocco and Libya, according to Mr Ata. In the US, 'there are many projects that have been offered to us and we are studying them', he said, without disclosing details. Globally, countries are boosting investments in renewable projects as they look to cut emissions to meet their clean energy goals. The US aims to achieve net-zero emissions by 2050, while other countries have set their own targets to cut emissions to reduce global warming. Kalyon Enerji's portfolio includes a 1.3-gigawatt solar power plant in Turkey, which is the 'largest in Europe and has received the largest green financing from UKEF [UK Export Finance]', Mr Ata said. Its other projects are also based in Turkey. The Istanbul-based company has 'all the capacity and capability to execute projects on its own', Mustafa Kocar, chief executive of Kalyon Holding, said. 'Currently, we are the biggest renewable investor in Turkey. So basically, we have the technical expertise, we have the capacity to inject more equity in new projects and we can secure the financing through our own resources,' he added. 'We have very good relations with the international financing network.' New power plants in Syria Kalyon Enerji is building new power plants in Syria after economic sanctions were lifted on the country by the US and the EU last month. On Thursday, it signed a $7 billion energy investment agreement with a consortium of companies including Qatar 's UCC Holding as well as US company Power international and Cengiz Enerji of Turkey to build a solar power plant with a capacity of 1,000 megawatts and natural gas power plants with a combined capacity of 4,000 megawatts in the country. 'The target is to complete natural gas power plants in three years after financial closure, which maybe four years from today. For solar one and a half year after financial closure, which is two and a half years from today,' said Mr Ata. After 14 years of war, Syria's electricity sector has been suffering from severe damage to its grid and power stations, ageing infrastructure, and persistent fuel shortages, generating only 1.6 gigawatts of electricity, down from 9.5 gigawatts before 2011, according to a Reuters report. Reconstructing the country's power sector is expected to cost about $11 billion and the new administration is betting on the private sector shouldering the burden, underlining a shift from the state-led economic policies of the former regime led by Bashar Al Assad. 'We are really happy to contribute to the development of Syria after the new situation,' Mr Ata said. Global expansion in construction Meanwhi, Kalyon Holding is also eyeing opportunities in other verticals of its business including in construction, according to Mr Kocar. 'We were more [of] a local company, but in the last couple of years, with this strategy of internationalisation, on the construction side, we are undertaking some works in Azerbaijan in rail and highway,' he said. 'We are also doing a gas pipeline project for Romania' state-owned Transgaz and are bidding for many tenders on the construction side in the Middle East, CIS [Commonwealth of Independent States], North Africa and Eastern Europe.' Kalyon Holding is also eyeing opportunities in airport construction in Turkey and other parts of the Middle East after building Istanbul airport in 2019. 'We have a 55 per cent stake in Istanbul airport, and we have completed its construction, and we are now managing the airport together with our partner there,' Mr Kocar said. 'Airport construction investment is also an area that we are looking at, not only in Turkey but also in the region.'
Al Etihad
27-05-2025
- Business
- Al Etihad
IHC extends share buyback programme until the year-end
27 May 2025 18:06 REDDY (ABU DHABI)International Holding Company (IHC) has received approval to extend its Dh5 billion share buyback programme until December 31, 2025, according to a stock market filing issued on announced on November 14, 2024, the programme was designed to be executed in phases over one year. The first tranche, valued at Dh1.8 billion, began on November 18 last year. The second tranche, worth Dh1.5 billion, was launched on March 18. With the second phase still underway, the buyback period has now been extended until the end of this to queries from Aletihad, an IHC spokesperson confirmed that a third tranche of the share buyback programme would be initiated upon completion of the ongoing second phase. So far, 6,955,602 shares have been repurchased, though the company has not disclosed their exact value. However, based on an average price of Dh401 per share, the total value of shares bought back so far is estimated at Dh2.789 billion, leaving approximately Dh2.221 billion in buybacks remaining under the buyback initiative is aimed at enhancing shareholder value and maintaining an efficient capital structure. At the time of launch, IHC's Managing Director, Syed Basar Shueb, described the move as part of the company's long-term commitment to generating value for its per previous disclosures, all repurchased shares are to be held as treasury shares without voting rights. If these shares are not resold within two years, they will be cancelled, and the board will pass a resolution to reduce IHC's share capital to the latest stock market data mentioned in the filing, IHC's market capitalisation stands at Dh881.8 billion. The company's free float of shares, as per the August 7 disclosure, is 38.48 Holding Company (IHC) has received approval to extend its share buyback programme until December 31, 2025, the company said in stock market filing on Monday. IHC, established in 1998 to develop Abu Dhabi's non-oil sectors, announced on November 14, 2024 that it had launched a Dh5 billion share buyback programme, set to take place in phases over a year. A first tranche of Dh1.8 billion buyback commenced on November 18 of the previous year. A second tranche buyback, worth Dh1.5 billion, began on March as the second phase of the buyback is in progress, the deadline for the progamme is extended until the year-end. In specific replies to Aletihad inquires, an IHC spokesperson said the third tranche of the share buyback programme will be launched as soon as the second tranche buyback is wrapped. He said a total of 6,955,602 shares were bought back so far without specifying their value. But going by the average price of Dh401 per share, the value of shares bought back amounts Dh2.789 billion, leaving approximately Dh2.221 billion worth shares to be bought back in the remaining period. According to an August 7 stock market filing, the free float of shares stands at 38.48%. The purpose of the buyback programme is to enhance shareholder value and maintain an efficient capital structure. Syed Basar Shueb, Managing Director of IHC, stated that the programme reflects the company's commitment to generating long-term value for shareholders at the time of the launch of the programme. According to a previous filing, all repurchased shares will be held as treasury shares without voting rights. If these treasury shares are not sold back within two years, they will be cancelled, and the board will pass a resolution to reduce the company's share capital accordingly. As per the latest data mentioned in the text, IHC's market capitalisation was Dh881.8 billion.
The National
22-05-2025
- Business
- The National
Abu Dhabi's Ghitha aims to double revenue to $2.7bn in three years through acquisitions
Abu Dhabi-listed Ghitha Holding aims to double its revenue to Dh10 billion ($2.72 billion) in the next three years by expanding its asset base through mergers and acquisitions and entering new export markets including the US, its chief executive said. The trading and food distribution subsidiary of Abu Dhabi's International Holding Company has a strong M&A pipeline and is interested in buying assets in the UAE, in the Middle East and North Africa region and in markets as far away as Indonesia, Falal Ameen, group chief executive of Ghitha Holding, told The National in Abu Dhabi. 'The last year we had revenue of Dh5 billion … we need to double it within three years,' Mr Ameen said on the sidelines of the Make it in the Emirates event. 'We need to find new M&A [opportunities], improve efficiencies, and find new export markets, not only in the UAE but outside as well.' The company, which rebranded from Zee Stores to Ghitha Holding in January 2022, plans to fund acquisitions of assets through a combination of bank lending and funds from its own coffers. Ghitha is open to acquiring assets that 'add value' to the company's existing business lines of food production, distribution and farming. 'M&A is one of the quickest and fastest, and it is not only the fastest way [to grow], but once you merge, you can reduce a lot of cost, you can synchronise the logistics system … [and] can use expertise, our software, to improve their production,' Mr Ameen said. Ghitha is a frontline company in the UAE's National Food Security Strategy 2051. The programme, which aims to make the country the world's best in the Global Food Security Index by 2051, seeks to broaden local production, boost regional interconnectivity and broaden its food supply chains. The UAE is also encouraging the expansion of food-related industries as part of the national strategy. Ghitha has already been on an acquisition spree in the past few quarters, and Mr Ameen said it has full backing of the board and its majority shareholder IHC – the biggest listed company in the UAE – to pursue the aggressive growth strategy. In March, its subsidiary Al Ain Farms signed a deal to acquire UAE-based Al Jazira Poultry Farm for Dh285 million, after buying assets of Arabian Farms Investments for Dh240 million in July, which included its operations in the UAE and Saudi Arabia. This week, Al Ain Farms as well as UAE food companies Marmum Dairy, Al Ajban Chicken, Al Jazira Poultry Farm's Golden Eggs, and Saha Arabian Farms were also consolidated into the Al Ain Farms Group to support the country's food production capabilities. The group supplies more than one-third of the nation's total consumption in dairy, poultry and beverages and aims to be the region's leading provider in those segments. In October, Ghitha also said it is acquiring a 70 per cent stake in Fujairah's International Food Industries, through its subsidiary Zee Stores International, for Dh41 million. In December, however, it abandoned plans to take a 44 per cent stake in Turkish cargo carrier MNG Airlines, amicably ending the $211 million deal that was first announced in February last year. 'We have so many deals in the pipeline … looking, not on the money, but looking how we can collaborate, how we can merge, what is adding value for us, connect with us,' Mr Ameen said. The company owns a 9,000-hectare farm in Egypt that produces everything from mangoes to tomatoes, citrus and dates. Next on the radar is Indonesia where the company plans to acquire farms to tap into the country's palm oil processing centres. However, a final decision on that investment has yet to be made, he said. Ghitha also produces seafood products through its Asmak production site and operates Abu Dhabi Vegetable Oil Company, the only edible oil refinery in Abu Dhabi. It exports to markets in the Gulf and has done a 'trial run' exporting seafood to the US, Mr Ameen said. The US seafood market presents a huge opportunity since most of its imports are from China, and given the trade tiff between the two nations, countries like the UAE that are only subject to a 10 per cent levy by Washington could step in. Further clarity on the tariff plans from the US will help the company evaluate potential exports to markets in Europe, he said.
Mid East Info
21-05-2025
- Business
- Mid East Info
Make it in the Emirates 2025 Concludes Successful Day Three under the Theme of Smart Manufacturing, Industry 4.0, and Artificial Intelligence
International Holding Company launches a new global marketplace for artificial intelligence Winners announced in the Innovative Startups Competition Specialist educational sessions held in the Vision and Momentum Halls, focused on smart manufacturing, Industry 4.0, and AI Abu Dhabi, May 2025 – The third day of Make it in the Emirates 2025 concluded with notable success under the theme Smart Manufacturing, Industry 4.0 and Artificial Intelligence , featuring a series of high-impact announcements and achievements that reaffirm the UAE's commitment to leading the future of manufacturing. One of the day's highlights was the launch of a new global marketplace for AI tools by International Holding Company. The platform aims to streamline developer access to the essential hardware and software required to build advanced AI systems. It is powered by SAIF (Smart AI Facilitator), a UAE-developed digital assistant that enables users to easily find and purchase computing chips, AI models, and other tools through a user-friendly interface accessible on both desktop and mobile devices. In another major development, a AED 120 million agreement was signed between Liwa Ship Building and Khalid Faraj Shipping to construct six new vessels. The day also saw the announcement of the winners of the Innovative Startups Competition, recognising excellence across five strategic categories. The competition supports pioneering startups developing AI-powered solutions for various industries and community sectors. The Abu Dhabi Investment Office (ADIO) announced the launch of a set of new talent development programmes designed to accelerate Emirati leadership across high-impact industrial roles. ADIO will deliver an Upskilling Talent Development Programme in collaboration with Rabdan Academy for more than 100 Emiratis currently employed in the industrial sector. These initiatives are designed to enhance professional growth, boost productivity and build a robust career path for UAE talent at all levels. Day three of the event—organised by ADNEC Group and hosted by the Ministry of Industry and Advanced Technology, in collaboration with the Ministry of Culture, the Abu Dhabi Investment Office, and ADNOC—focused on the UAE's leadership in Industry 4.0, artificial intelligence, and cutting-edge innovation. These areas form the backbone of future manufacturing, driven by automation and digital transformation. Sessions in the Vision and Momentum Halls explored the UAE's leadership in next-generation manufacturing and digital transformation. A keynote panel on Industry 5.0 examined the convergence of human creativity, robotics, and artificial intelligence in shaping a more sustainable and collaborative industrial future. Additional sessions highlighted the role of creative technologies, smart factories, AI-enabled supply chains, energy-efficient data infrastructure, and the future of chemical production. These themes continue to reinforce the UAE's position as a global hub for advanced, sustainable industries. The successful conclusion of day three underscores the UAE's ongoing efforts to build a globally competitive industrial economy powered by innovation and advanced technology—serving society and driving sustainable development.
21-05-2025
- Business
Emirati Talent Drives Innovation and Industry at Day Two of Make it in the Emirates
Emirati talent took center stage on the second day of Make it in the Emirates, as industry leaders, government bodies, and innovators gathered to spotlight the UAE's growing industrial capabilities and national talent. Held under the theme National Creation and Emirati Talent , the event featured dynamic panel discussions, career opportunities, and major investment announcements, reinforcing the UAE's focus on self-reliance, innovation, and sustainable development. A key highlight was the AED 1.8 billion commitment from International Holding Company (IHC) and Al Ain Farms Group to bolster the nation's food security. Meanwhile, e& signed a strategic agreement with IHC subsidiary Aleria to deliver AI solutions tailored for SMEs, aiming to accelerate digital transformation across industries. The Ministry of Culture strengthened support for traditional crafts by signing several agreements at the Handicrafts Exhibition. Partners included the General Women's Union, Al Ghadeer UAE Crafts, and other cultural institutions, all working to preserve and modernise heritage skills. In the electric mobility space, UAE-based E Daddy partnered with battery tech firm Robust to locally manufacture advanced battery packs for the new X7 electric delivery bike. The collaboration signals a step toward a fully UAE-based clean mobility ecosystem. The day also saw the launch of the Industrialist Career Fair, connecting Emirati professionals with major industrial players. Exhibitors such as Mubadala, IHC, and KEZAD underscored the country's commitment to industrial growth through investment, innovation, and workforce development. As the event continues through 22 May at ADNEC Centre Abu Dhabi, Make it in the Emirates remains a powerful platform uniting tradition, technology, and talent to shape the nation's industrial future. News Source: Emirates News Agency
