The UAE’s benchmarks gave a mixed performance, with DFM down 1.42% and ADX gaining an impressive 4.92% for the week ending July 1. Co. (17.90%), Reem Investments (16%), Gulf Medical Projects (14.93%), Al Buhaira National Insurance (14.74%), Union Insurance (13.33%) and BH Mubasher (10 , 41%).
The stellar gains for IHC have propelled the ADX higher. IHC itself was propelled by the listing of Alpha Dhabi Holding. The latter operates in the five main verticals of industry, health, capital, construction and hospitality, and closed the week with a market capitalization of 174.60 billion Dh. It is already the fourth largest listed company in terms of market capitalization, and helps ADX’s overall market capitalization to well exceed 1,000 billion dirhams.
For 2020, Alpha Dhabi achieved a turnover of 3.8 billion Dh, an EBITDA of 348 million Dh and a net profit of 218 million Dh.
Another remarkable artist
The National Marine Dredging Company (NMDC), resulting from a merger between NMDC and NPCC, is a critical company in the Alpha Dhabi industrial vertical. A semi-governmental entity, the NMDC increased its revenues from Dh 1.42 billion in 2018 to Dh 3.78 billion last year. Profits more than tripled to reach 352 million dirhams.
NMDC provides dredging, reclamation and marine construction projects to clients in the energy, environment, marine, tourism and urban development sectors. By its very nature, the company is strategic for the UAE due to the country’s extensive coastline and plan for major coastal cities and to maintain its existing oil drilling facilities.
The healthcare vertical of Alpha Dhabi Holding has Response Plus Medical Services (RPM), which operates in the United Arab Emirates, Saudi Arabia and Oman. The company provides on-site healthcare management, occupational health solutions and emergency transfers from remote locations. He saw his income go from Dh 137 million in 2018 to Dh 242 million in 2020.
In addition, Mawarid Holding, a vertical industrial subsidiary, works in the sectors of forest management, landscaping, research and development, feed production, finance and tourism. The company has more than 11,330 employees and revenues reached 1.26 billion dirhams against 1.03 billion dirhams in 2017.
Trojan Holding, recognized as one of Abu Dhabi’s largest construction groups, belongs to the construction vertical. Trojan has completed over 150 projects and 194 are still under construction. Alpha Dhabi Hospitality Holding, its tourism vertical, via Murban Abu Dhabi, owns renowned assets such as Cheval Blanc Randheli (Maldives), Banyan Tree Intendance (Seychelles) and a resort on Saadiyat Island in Abu Dhabi.
As a holding company, Alpha Dhabi owns 65 percent of NMDC, 40 percent of Response Plus Medical, 70 percent of Mawarid Holding, 100 percent of Trojan General Contracting and 100 percent of Murban Abu Dhabi. Through its different verticals, Alpha Dhabi is trying to diversify Abu Dhabi’s economy and is a great game in the long run.