ABU DHABI: Alpha Dhabi Holding, a unit of the Abu Dhabi’s International Holding Company (IHC), acquired hospitality investor Murban for 1.7 billion dirhams ($500 million).
Murban, founded in 2006, owns assets including St. Regis at Saadiyat, Al Wathba Luxury Collection Desert Resorts and the Le Noir Café brand. In March, it signed an agreement
to build a luxury resort in Aceh province, Indonesia.
This acquisition will add to Alpha Dhabi’s portfolio of real estate, construction and industrial companies. In April, it changed its name from Trojan Holding and sold a 45 percent stake to IHC. The previous month, it bought a 12.1 percent stake in Aldar Properties from Mubadala Investment.
Murban also owns 33 percent of Canal Sugar, the largest beet sugar development project in the world, and a minority stake in Klarna, one of Europe’s biggest ‘buy now pay later’ companies.
“The move comes in line with our vision to develop our hospitality business and other sectors, deepening our ties locally and regionally,” said Syed Basar Shueb, CEO and managing director of IHC. “Furthermore, gaining a foothold in Canal Sugar, the world’s largest development of sustainable beet sugar, is a real plus point as we add to Abu Dhabi’s long-term food security program UAE National Food Security Strategy 2051.”