International Holding Company has taken a controlling stake in Abu Dhabi-based investment company Al Qudra Holding, as it continues to expand its portfolio of investments across sectors. The acquisition will allow IHC to broaden its portfolio of assets in the real estate, services and hospitality sectors, it said in a statement on Monday to the Abu Dhabi Securities Exchange, where its shares are traded. “The acquisition comes in line with this year's disclosed IHC investment plan across several sectors, including the real estate area, which will create immediate growth and value to our shareholders,” said Syed Basar Shueb, chief executive and managing mirector of IHC. Al Qudra Holding has built a large portfolio since it began operations in 2005, including Manarah Bay, a multi-use project spanning about 52,000 square metres, in Abu Dhabi and Barary Ain Al Fayda Development in Al Ain, which includes 2,500 residential units. The company currently has more than 12 subsidiaries whose interests span across real estate, services, hospitality, investments, banking, finance and oil and gas sectors. Earlier this month, IHC’s board formally agreed to merge the company's subsidiary Al Tamouh Investments with Al Qudra to bolster its holdings in the property and hospitality sectors. The transaction was executed through the transfer of shares in Al Tamouh Investments in return for unsecured mandatory convertible bonds issued by Al Qudra, whose board also approved a new foreign ownership limit of 30 per cent of outstanding shares, subject to regulatory approval, IHC said at the time. “Al Qudra Holding is at a very exciting juncture in its history, with IHC being a majority shareholder, we are well-positioned to accelerate and further strengthen Al Qudra’s ongoing projects in all areas,” Al Qudra chairman Abdulla bin Butti Al Hamed said. “To date, the company has put forward unique investment opportunities and facilitated the development of various projects that meet the local and regional market needs.” Earlier this year, IHC said it was looking to boost its portfolio through mergers, acquisitions and strategic investments in a number of sectors including property, agriculture, health care, food and beverages, utilities and manufacturing. In September, the company’s asset management subsidiary bought Dubai’s Inspire Integrated for Dh37m to expand its property, infrastructure and facilities management service portfolio. Its other investments over the past six months include a 60 per cent stake in Afkar Financial and Property Investments, a 48 per cent share in Emirates Driving Company and a 60 per cent interest in Royal Horizon Holding and its subsidiaries. “Finding a business that has the potential to grow substantially can be challenging, [however] this year, IHC has been further strengthening its successful investment approach, with some of the best-in-market companies,” Mr Shueb said on Monday. The multi-sector conglomerate’s <a href="https://www.thenationalnews.com/business/2021/11/05/ihc-surpasses-expectations-as-profit-more-than-triples-in-first-9-months-of-2021/">profit </a>in the nine months to the end of September surged 308 per cent to Dh7.2bn, boosted by a two-fold increase in gains during the third quarter – driven by a series of acquisitions and a strong performance by its subsidiaries.