Alpha Dhabi Holding, which belongs to Abu Dhabi’s International Holding Co, has spent AED 730M ($199M) to acquire a 36.4% share of the National Corporation for Tourism and Hotels.
Alpha Dhabi announced the purchase in a statement to the Abu Dhabi Securities Exchange (ADX), where it is listed. This acquisition now makes Alpha Dhabi the biggest shareholder in the National Corporation for Tourism and Hotels, which is also listed on the ADX.
“We continue to see 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.”
Alpha Dhabi Holding’s portfolio in the hospitality industry has expanded with this latest acquisition. The company already owns the Cheval Blanc Randheli and LVMH’s second hotel venture St Regis Saadiyat, as well as the Al Wathba Luxury Collection Desert Resorts. In the previous year, it had increased its shareholding in Aldar Properties and invested in the Nammos Group.
Earlier this year, Alpha Dhabi, which has a 44% ownership by Abu Dhabi-based conglomerate International Holding Co., established a joint venture with Mubadala Investment Co., the emirate’s sovereign wealth fund, to co-invest in private credit opportunities.
