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Abu Dhabi’s IHC to focus on domestic acquisitions 

Abu Dhabi IHC WAM
Profit at IHC fell to AED6.12 billion in the quarter ended June 30, 2023 from AED6.81 billion in the year-earlier period

Abu Dhabi conglomerate International Holding Company (IHC) will refocus on domestic acquisitions as global economic challenges hamper its efforts to expand abroad.

IHC rose from relative obscurity to become the UAE’s largest publicly traded company worth more than $235.98 billion.

As it reported that its net profit fell slightly in the second quarter, it said its approach aims to safeguard investments during uncertain times.

“In response to the prevailing slower economic backdrop, IHC’s strategy inclines towards more domestic business acquisitions.

“[It is] leveraging the UAE’s stable economic environment, investor-friendly government policies, strategic location, tax incentives, and diverse property market,” it said in a statement.

Profit fell to AED6.12 billion ($1.67 billion) in the quarter ended June 30, 2023, down from AED6.81 billion for the same period a year earlier.

IHC is part of a business empire overseen by its chair, Sheikh Tahnoon bin Zayed Al Nahyan.