Alpha Dhabi Holding, a unit of Abu Dhabi's International Holding Company, reported a 45.4 per cent surge in its full-year profit driven by higher revenue.
Net profit attributable to owners of the company for 2023 climbed to Dh10.6 billion ($2.89 billion), the company said in a statement on Tuesday to the Abu Dhabi Securities Exchange, where its shares are traded.
Revenue jumped 14 per cent annually to Dh45.4 billion, with the company’s portfolios in industrial, property and construction contributing 37 per cent, 23 per cent and 19 per cent of the total, respectively.
The company said all its business lines posted strong growth, which is reflected by the “increased revenue reported across these segments”.
“We are in a position where we can confidently assess and invest in growth opportunities across a diverse spectrum of sectors and geographies,” said Hamad Al Ameri, chief executive of Alpha Dhabi.
“The group’s focus on strategic acquisitions, geographic diversification and rigorous corporate governance practices across the board ensures that the company continues to deliver strong and sustainable returns for its shareholders.”
The company said 2023 was marked by the “positive impact born out of the strategic acquisitions and investments made since 2022, especially the consolidation of Aldar Properties starting second quarter of 2022”.
In 2022, the company increased its stake in Aldar Properties to become the parent company of the property developer.
The move reaffirmed Alpha Dhabi’s position as the largest shareholder in the biggest listed property company in the emirate, as it continues to expand its investment portfolio.
Alpha Dhabi, which was previously known as Trojan Holding, has grown into a regional conglomerate with interests in construction, health care, hospitality and industry after completing a series of acquisitions in 2021 and 2022.
Last year, the company announced a venture with Mubadala Investment Company to co-invest in global credit opportunities.
The partners aim collectively to invest up to Dh9 billion over the next five years, leveraging Mubadala’s strategic partnership with Apollo, one of the world’s largest alternative asset managers, to access private credit investment opportunities.
In May, Alpha Dhabi acquired a 36.4 per cent stake in the National Corporation for Tourism and Hotels for Dh730 million to become the single largest shareholder in the hospitality owner, manager and operator.
In July, it also signed a preliminary agreement with Turkish conglomerate Limak Group to explore business opportunities in various sectors amid the strengthening of ties between the UAE and Turkey.
“As we advance into 2024, we are on a strong footing to enhance our core investment activities through strategic partnerships and acquisitions,” Mr Al Ameri said.
The company’s total assets reached Dh140.4 billion and a cash position of Dh20.2 billion by the end of last year.
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
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Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
