Banking & Finance National Holding unit buys Mubadala’s 7.6% in ADIB By Pramod Kumar May 7, 2023, 4:55 AM WAM A view of ADIB branch. The lender's green sukuk will be listed and traded on London Stock Exchange Emirates International Investment Company (EIIC), an investment arm of National Holding, has acquired a 7.6 percent stake in Abu Dhabi Islamic Bank (ADIB) from Abu Dhabi’s sovereign Mubadala Investment Company. The transaction has increased EIIC’s total shareholding in ADIB to 47 percent. The deal is in line with Mubadala’s strategy to create long-term value by optimising a global portfolio of investments across a variety of sectors, the companies said in a statement. “The acquisition will likely benefit both companies, enabling ADIB to further expand its operations and increase profitability, while providing EIIC with a stable and profitable investment,” the statement added. ADIB’s first-quarter net profit rose 54 percent year-on-year to AED1.1 billion ($300 million. The Shariah-compliant bank gained 46,000 new customers in the first three months of 2023. The companies did not disclose the value of the transaction. Earlier this month, Brightspeed, a US-based broadband and telecommunications services company, received a $500 million investment from Mubadala. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
