"Alpha Dhabi Holding" Enter into a strategic partnership with "Holding" ADQ
ABU DHABI, 16 APRIL / WAM / Alpha Dhabi Holding Company announced its intention to sell a 49% stake in Alpha Dhabi Construction Company to ADQ, the investment holding company based in Abu Dhabi.
Alpha Dhabi Holding will retain a 51% stake in Alpha Dhabi Construction, continuing its commitment to developing the sector through this strategic partnership with ADQ, which will benefit from the distinguished experiences of both parties, and at the same time contribute to consolidating Alpha Dhabi Construction’s position as a company. A pioneer and an important and major driver of growth and prosperity in the emirate. The transaction is subject to customary closing conditions, including the completion of regulatory approvals.
Engineer Hamad Al Ameri, CEO and Managing Director of Alpha Dhabi Holding, said: “This partnership with ADQ represents an important step in the work of Alpha Dhabi Construction, and a new era of strategic growth and innovation, as this cooperation will allow us to strengthen our commitment to contributing “In the development process, enabling us to deal with large and complex projects and focus on safety, quality and timely delivery, we look forward to working with ADQ and unifying efforts to set new standards to advance the construction sector and move it towards greater progress and prosperity in the region.”
For his part, Hamad Abdullah Al Hammadi, Executive Vice President of the Holding Company (ADQ), said: “Our vision and goals are in line with our long-term, firm commitment to investing in infrastructure assets, and we welcome this investment in Alpha Dhabi Construction Company, which is entering the second phase of its business journey.” And its efforts to pioneer the development of the most prominent landmarks and real estate projects in the UAE. We are confident that Alpha Dhabi Construction Company will benefit from this cooperation in a way that contributes to the growth and development of its business.”
The size of the construction sector in the UAE is estimated at approximately 41 billion US dollars in 2024, and this sector is expected to witness growth to reach more than 50 billion US dollars by 2029.
The building and construction sector in Abu Dhabi is witnessing continuous expansion, and has achieved a growth of 14.3 percent, and contributed up to 25 billion dirhams to the emirate’s gross domestic product during the third quarter of 2023.
The large investments witnessed in the building and construction sector in the Emirate of Abu Dhabi provide many new housing opportunities, and also contribute to providing many job opportunities that work to enhance economic diversification efforts in the emirate.
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