Skip to content Skip to Search
Skip navigation

ADCB to sell majority stake in property unit for $109m

By Pramod Kumar
ADCB/X

Abu Dhabi Commercial Bank (ADCB) has received an offer to sell a majority stake in its wholly-owned property management subsidiary Abu Dhabi Commercial Properties (ADCP).

The binding offer comes from Nine Yards Plus Holding, an Abu Dhabi-based EIH Ethmar International Holding (EIH) subsidiary, the lender said in a statement published on the Abu Dhabi stock exchange.

ADCB will retain a 20 percent stake, registering a gain of AED400 million ($108.90 million) upon the sale of the majority stake to Nine Yards Plus Holding.

The transaction, subject to approvals, is expected to be completed in the fourth quarter of 2023.

The move aligns with ADCB’s strategy to focus on “growth and diversity building” on strategic partnerships with UAE companies.

Nine Yards Plus Holding, the real estate arm of EIH, operates in nine sectors such as real estate, energy, technology, alternative investments, hospitality, and healthcare.

ADCP will maintain its separate corporate legal status and brand even after the sale, the lender stated. 

Latest articles

The National Bank of Bahrain says its bitcoin fund will protect investors from losses

Bahraini bank launches Gulf’s first bitcoin investment fund

The National Bank of Bahrain has launched a bitcoin-pegged structured investment product, aimed at targeting growing demand for the cryptocurrency among institutional investors in the Gulf countries.  The fund, developed in partnership with digital asset firm ARP Digital, will offer investors access to any rise in bitcoin’s price, capped within a predetermined threshold, and guarantee […]

The UAE has approved its largest-ever national budget for the fiscal year 2025, with spending set to hit AED 71.5 billion

UAE announces largest-ever budget for 2025

The UAE has approved its largest-ever national budget for the fiscal year 2025, with spending set to hit AED71.5 billion ($19.5 billion), after capital expenditure increased by nearly half in the early part of this year. The government expects to match the 2025 expenditure with AED71.5 billion in revenues over the same period. Social Development […]

chicken exports

Gulf’s taste for chicken boosts Brazilian exports

Saudi Arabia and the UAE has helped Brazil record the second-highest volume of chicken meat exports in a single month. Shipments of chicken from Brazil in September increased 17.6 percent to the United Arab Emirates and 5.9 percent to Saudi Arabia. Brazil, the world’s largest supplier of chicken meat, exported 485,000 tonnes in total last […]

Saudi-backed US luxury electric vehicle maker Lucid exceeded market expectations in Q3, delivering 24 percent more cars than forecast

Lucid beats latest delivery expectations

Saudi-backed US luxury electric vehicle maker Lucid has exceeded market expectations for its third quarter, delivering 24 percent more cars than had been forecast.  Analysts cited discounts and more favourable finance options as reasons for the sharp increase.  Lucid delivered 2,781 vehicles in Q3, ahead of estimates of 2,242, according to analysts polled by Visible […]