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Alpha Dhabi Holding, a unit of Abu Dhabi's International Holding Co, has acquired a 36.4% stake in the National Corporation for Tourism and Hotels for 730 million dirhams ($199 million).
The stake was purchased from an existing shareholder, Alpha Dhabi said in a statement on Thursday to the Abu Dhabi Securities Exchange (ADX), where it is listed.
The acquisition makes Alpha Dhabi the single largest shareholder in ADX-listed National Corporation for Tourism and Hotels.
“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.”
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. Lat year, it increased shareholding in Aldar Properties and investment in Nammos Group.
Early this year Alpha Dhabi, in which Abu Dhabi-based conglomerate International Holding Co. has a 44% stake, formed a joint venture with the emirate's sovereign wealth fund, Mubadala Investment Co., to co-invest in private credit opportunities.
(Reporting by Brinda Darasha; editing by Seban Scaria)