HomeBanking & FinanceIHC acquires majority stake in Emircom for AED 250 mn
By Economy Middle East
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September 28, 2022 11:12 am

IHC acquires majority stake in Emircom for AED 250 mn

Company aims to expand its digital portfolio
IHC
IHC's site for a renewable energy plant (Image credit: IHC)

Abu Dhabi-based conglomerate International Holding Company (IHC) announced today the completion of a 54 percent stake acquisition in Emircom, the Middle East’s information and communications technology (ICT) provider, through its subsidiary, IHC Digital.

This 250 million dirham transaction comes as part of the IHC’s group-wide strategy to grow its digital assets portfolio and expand into new growth areas.

Commenting on the acquisition, Syed Basar Shueb, IHC’s Chief Executive Officer, said: “This acquisition of a majority stake in Emircom will help IHC Digital to continue deepening its profitability and depth in the sector.”

For his part, Hussain Jasim Al Nowais, Chairman of Al Nowais Investments and Emircom’s shareholder said, “This acquisition brings a new dimension to Emircom, as well as adds further scale to our business growth plans in the Middle East market.”