# International Holding Company

The International Holding Company (IHC) is a holding company headquartered in Abu Dhabi, United Arab Emirates, which manages a diversified portfolio of domestic and foreign investments. The conglomerate is said to have close ties to the Abu Dhabi ruling dynasty. The chairman of the company is Sheikh Tahnoon bin Zayed al-Nahyan, who also serves as the country's National Security Advisor and manages two sovereign wealth funds.
The company is listed on the Abu Dhabi stock exchange and had a market capitalization of 240 billion US dollar in 2024. After the Royal Group transferred 40 companies worth US$4.7 billion to IHC, the company's share price grew by 42,000% between 2019 and 2024, making it the second most valuable company in the Gulf States behind Saudi Aramco. This transformation coincides with Tahnoon bin Zayed al-Nahyan's time as Chairman of the Group. The majority of shares (around 60%) in the company are controlled by the Royal Group.

## History

IHC was founded in 1998 as Asmak and was initially active in the fisheries sector. The company quickly developed into a regional market leader in the export of seafood. The company went public on the Abu Dhabi Stock Exchange in 2005.
In the years that followed, IHC expanded into various sectors, including real estate, with the acquisition of ESPL properties in 2008. By 2013, IHC had grown significantly.
In 2020, three of its subsidiaries were listed on the Abu Dhabi Securities Exchange. The following year, IHC's growth continued as the company listed more subsidiaries, including Alpha Dhabi, ESG and Al Seer Marine, and became the most valuable company on the Abu Dhabi Stock Exchange.
IHC continued its expansion in 2022, concluding a US$2 billion investment agreement with the Indian Adani Group and acquiring a significant stake in the renewable energy sector with the purchase of shares of Turkish Kalyon Enerji. In September 2023 the IHC sold stakes in the Adani Group, but increased its stake in Adani Enterprises.
In November 2023, the Group acquired a majority stake in a copper mine in Zambia for just under one billion US dollars.
In January 2024, the IHC established a new holding company with $27 billion in assets called 2PointZero.
In 2023, IHC established an investment unit, Lunate, to manage Group 42’s China-focused fund, 42X Fund, which had stakes in JD.com and ByteDance. Lunate formed a small team and was being controlled by Tahnoun bin Zayed. The fund became questionable due to G42 and its CEO Peng Xiao’s promise to the US government, as they agreed to divest from China.

## Criticism

IHC has drawn scrutiny for its rapid and largely unexplained growth. Between 2019 and 2022, IHC's market capitalization surged from approximately 700 million AED to over 880 billion AED, an increase of more than 125,000%. This exponential rise, coupled with limited trading activity—often just a few dozen shares exchanged daily—has led analysts to question the company's valuation and transparency. The Financial Times noted that IHC went from relative obscurity to becoming Abu Dhabi's most valuable company within three years, despite little public disclosure regarding its financials or corporate strategy. The Wall Street Journal highlighted its stock’s nearly 400-fold increase, which puzzled market observers as it defied conventional market trends. Bloomberg also reported on IHC’s staggering 2,819% rally over a 12-month period, labeling it "mysterious" and leaving traders uncertain about the driving forces behind its stock movements. Given its deep ties to Abu Dhabi’s ruling family, concerns persist about the company’s governance and the degree to which its valuation reflects actual market demand.

## Investments

The International Holding Company manages over 100 investments in the following sectors:
* Agriculture and fisheries
* Finance
* Healthcare
* Real estate and construction
* Food and beverages
* Utilities
* Renewable energy
* Manufacturing
* IT and communication
* Retail and leisure
In 2023, the Real Estate and Construction segment represented the largest share of the Group's revenue (33.9%), followed by Agriculture and Fisheries (29.6%) and Food and Beverages (6.9%).