Abu Dhabi's IHC to double assets to $218bn by 2030, CEO says
The company, whose board is chaired by Sheikh Tahnoon bin Zayed, is keen to expand its portfolio of assets in the US, India and fast-growing economies in the Central Asian region.
Acquisitions as well as developing new businesses are part of the aggressive assets growth investment strategy the Abu Dhabi-listed company is following, Syed Basar Shueb told The National on the sidelines of the Make it in the Emirates summit in Abu Dhabi.
'Way before 2030" is the target perhaps in 2029, and 'we will double it, that's for sure', he said of the potential timeline for doubling the company's portfolio of assets.
The UAE, the Arab world's second-largest economy, accounts for 60 per cent of the company's Dh416.5 billion asset base as of the end of the first quarter of this year,while the rest is spread across the region and the markets beyond.
Mr Shueb, however, expects this ratio to inverse in the next 10 years, with the company's foreign asset portfolio accounting for about '60 per cent to 70 per cent' with the UAE hosting the rest.
'Earlier we were doing a lot of acquisitions, now we are developing new businesses very fast,' he said.
The Abu Dhabi-headquartered conglomerate is a frontline company in the emirate's push to diversify its non-oil business sectors and has grown rapidly to become one of the most valuable listed holding companies in the broader Middle East and North Africa region.
IHC, which has a market capitalisation of Dh883 billion, has been on an investment spree buying businesses as well as acquiring fast-growing companies over the past few years in the UAE as well as in markets across contents.
Earlier this month, the company announced the launch of a $1 billion reinsurance company in partnership with the world's biggest asset manager BlackRock. It also established a new holding company 2PointZero with more than $27 billion in assets in January.
IHC also revealed plans to set up a new infrastructure platform 'Gridora' in partnership with Abu Dhabi's state holding company ADQ and Modon for the development of new infrastructure projects in the UAE and markets around the globe.
The company's acquisitions this year include buying Egypt's microfinance platform Maseera, with a pledge to invest $1 billion in the next five years to support its expansion.
'Acquisition is a daily thing … what we are reviewing right now is at least 50 [acquisition transactions] in multiple sectors and different geographies,' he said.
Mr Shueb did not give details about the potential size of investments it plans to make on acquisitions, but said those deals will be funded through the company's own balance sheet as IHC has sufficient cash on hand for financing.
Founded in 1998, IHC operates through more than 1,300 subsidiaries and aims to expand and diversify its holdings in sectors including asset management, health care, property and construction, marine and dredging, IT and communications, financial services, food production, utilities and services.
Some of the companies under its umbrella include Abu Dhabi's biggest listed developer Aldar Properties, Modon Properties, Adnec Group, Presight, Al Seer Marine and NMDC Group.
US and India in focus
In terms of the geographic focus of its investments, the company is seeking deals in the US and India, Asia's third-largest economy.
It has $60 billion worth of investments in the US alone, including in companies such as SpaceX and Ardent Healthcare. Within the next decade, IHC plans to boost its US investment by another $40 billion to $50 billion and ultimately aims to hit the total investment target in the world's biggest economy of about $120 billion, Mr Shueb said.
In India, it will invest up to $110 billion, while in the CIS or Far East countries, investments are expected to be in the range of $50 billion over the same period.
Data centres, renewable energy, nuclear as well as building infrastructure projects are the priority sectors of investment for the company, he added.
In the US, IHC is keen to develop small modular nuclear reactors in partnership with other companies as well as buy established businesses to further expand its footprint.
'We are talking with a few players [on small modular reactors]. It's at a very advanced stage," he said.
In India, the company has a partnership with Adani Group, owned by billionaire Gautam Adani, and IHC 'values that partnership a lot, and we are expanding with them", Mr Shueb said.
'India is one of the major markets for us,' he said, adding that a bulk of IHC international expansion, other than the US, is set to take place through partnerships.
Potential IPOs
A number of IHC units are listed on the Abu Dhabi Securities Exchange, where its own shares trade, including Modon, Multiply Group, Al Seer Marine and Alpha Dhabi Holding.
The company plans to list more of its subsidiaries on the Abu Dhabi bourse, Mr Shueb said.
The newly created company 2PointZero is among the companies being lined up for public floats and the listing could take place at the 'beginning of the second half', he said without giving further details on the stake being sold and how much IHC plans to raise in funding through the deal.
Dh200bn revenue target by 2030
The company's aggressive growth strategy will also help it more than double its annual revenue to Dh200 billion by the end of this decade, he said.
IHC reported Dh92.6 billion in revenue by the end of last year and Mr Shueb said 'if we cross Dh200 billion, we will be in great shape'.
The continued growth of the UAE economy as well as new opportunities in the US will help it achieve its revenue target, he said.
Opening of regional economies, including Syria, is also expected to provide new investment opportunities for IHC. 'There's a lot of development required there. Hopefully, other countries will also open up soon,' he added.
Last week, the US announced lifting of economic sanctions on Syria, paving way for more investments in the country.
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