Skip to content Skip to Search
Skip navigation

ADCB sells 80% stake in property unit for $161m

By Pramod Kumar
Abu Dhabi Commercial Bank will register a gain of AED490 million Wam
Abu Dhabi Commercial Bank will register a gain of AED490 million

Abu Dhabi Commercial Bank (ADCB) has agreed to sell an 80 percent stake in its wholly-owned property management subsidiary, Abu Dhabi Commercial Properties (ADCP), for AED591 million ($160.92 million).

The agreement was signed with Nine Yards Plus Holding, the real estate subsidiary of Abu Dhabi-based EIH Ethmar International Holding (EIH), the bank said in a statement published on the Abu Dhabi bourse.

The bank will register a gain of AED490 million subject to closing conditions before the end of the year.

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

The bank will retain a 20 percent stake in ADCP post-transaction and will continue its partnership via a long-term relationship agreement.

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

ADCP was established in 2006 and currently manages 51,000 units across 1,900 properties. The property management company will maintain its separate corporate legal status and brand after the sale.

Latest articles

Saudi date drink cola Milaf

‘World first’ date soft drink launched by PIF subsidiary

A soft drink made from dates has been launched by Al Madinah Heritage Company, a subsidiary of Saudi Arabia’s Public Investment Fund. Milaf Cola, which is claimed to be the world’s first commercial soft drink made from dates, uses only premium fruit and contains no added sugar.  Dates have historically been used in Middle Eastern beverages […]

Uber and WeRide launch autonomous mobility service in Abu Dhabi

Uber launches driverless operations in Abu Dhabi

Ride-hailing giant Uber Technologies and Chinese autonomous vehicle tech company WeRide have launched a commercial driverless taxi service in Abu Dhabi. The service, available on the Uber platform, will be available for trips on Saadiyat Island, Yas Island and routes to and from Zayed International Airport, with plans to expand the operating territory in the […]

The five-year pact between PIF and Bpifrance Assurance Export will focus on projects supporting Vision 2030

PIF secures $10bn from French export credit agency

Saudi Arabia’s Public Investment Fund has signed an agreement with Bpifrance Assurance Export, a French export credit agency, to seek funding for up to $10 billion. The five-year pact will focus on projects supporting Vision 2030 and is aligned with the fund’s strategy to grow build long-term global partnerships. The agreement will unlock new opportunities for French […]

Saudi Arabia's deposit renewal with the State Bank of Pakistan will boost Pakistan’s foreign exchange reserves and strengthen its economy

Saudi Arabia extends $3bn loan to Pakistan

Saudi Arabia has renewed its $3 billion deposit with Pakistan’s central bank for another year.   The deposit renewal with the State Bank of Pakistan will boost Pakistan’s foreign exchange reserves and strengthen its economy, the Saudi Fund for Development (SFD) said. The initial agreement was signed in 2021 and rolled over in 2022 and […]