Alpha Dhabi Holding, a unit of Abu Dhabi’s International Holding Co, announced that it has acquired a 36.4% stake in the National Corporation for Tourism and Hotels for US$199 million, to be the only largest shareholder.
Alpha Dhabi formed a joint venture with Mubadala Investment Co., the emirate’s sovereign wealth fund last year. The joint venture’s main target is to co-invest in private credit opportunities.
Alpha Dhabi said in a statement to the Abu Dhabi Securities Exchange (ADX) that the stake was purchased from an existing shareholder,
ADX-listed National Corporation for Tourism and Hotels owns, manages, and operates a number of hotels in Abu Dhabi.
“We continue to see the strong and long-term growth potential of the UAE’s hospitality, lifestyle, and tourism sectors,” said Hamad Al Ameri, CEO and managing director of Alpha Dhabi.
“The transaction is value accretive to our portfolio and not only bolsters our hospitality, lifestyle, and F&B credentials but adds weight to our ambitions as we continue to accelerate the diversification of both our operating and investment portfolio in this space with a vision to build an integrated and premier hospitality and F&B portfolio.”
The latest acquisition adds to Alpha Dhabi’s hospitality portfolio, which includes Cheval Blanc Randheli LVMH’s second hotel venture St Regis Saadiyat as well as Al Wathba Luxury Collection Desert Resorts.
Last year, it increased its shareholding in Aldar Properties and investment in Nammos Group.
Abu Dhabi-based conglomerate International Holding Co. is having a 44 percent stake in Alpha Dhabi.
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