“Alpha Abu Dhabi”, which is listed on the Abu Dhabi Capital Market, attributed the reason for the jump in profits to Pure Health’s conversion from a subsidiary to investments in a partnership, in addition to the significant growth revenue to reach 12.8 billion dirhams (approximately $3.5 billion), which represents a 56% increase year-on-year, compared to the 8.2 billion AED reached in the first quarter of 2022, with the continued growth of the company’s real estate and industrial activities, which are strong and stable drivers of the group’s growth.
The company said in a statement, seen by “Sky News Arabia Economy”, that “Alpha Abu Dhabi continues to make acquisitions and investments as part of its growth strategy, and announced a partnership with Mubadala to jointly invest in opportunities global credit institutions, and the two companies aim to invest up to 9 billion dirhams (approximately $2.5 billion) over the next five years, leveraging Mubadala’s long-term strategic partnership with Apollo (listed on the New York Stock Exchange), one of the largest alternative asset managers in the world, with the aim of accessing excellent credit investment opportunities in the future.
Mubadala owns 80% of the joint venture, while Alpha Abu Dhabi owns the remaining 20%.
Alpha Abu Dhabi, one of the fastest growing investment holding companies in the United Arab Emirates, explained that this agreement is Alpha Abu Dhabi’s gateway to the private credit market as it continues to implement its diversification strategy and take advantage of investment opportunities in new markets.
She added that this expansion of Alfa Abu Dhabi’s activities outside the UAE confirms the growth of the group, as foreign revenues reached 0.9 billion dirhams in the first three months of the year 2023, which represents a 7% increase on an annual basis.
Alpha Abu Dhabi’s balance sheet remained strong with total assets reaching AED120.6 billion, representing a 129% year-on-year increase, driven by strong investment activity.
The group continues to benefit from good financing with a solid cash position of 16.6 billion dirhams to support and stimulate growth and expansion in all sectors and geographies, according to the company’s press release.
Commenting on the results, Alpha Abu Dhabi Holding Company CEO Hamad Al Ameri said: “Alfa Abu Dhabi has once again delivered excellent financial results as it continues to consolidate its position as a holding company. investment…and our diversified business continues to grow in light of the positive fundamentals and conditions in the UAE markets. supported by strong economic fundamentals and a booming state of capital markets, contrary to global expectations.
He continued: “We started this year strong, with our diverse portfolio continuing the same momentum we experienced last year. Going forward, we will continue to grow our key sectors through new investments and acquisitions. We continue to actively invest capital in market leadership opportunities for our businesses.
It should be noted that Alpha Abu Dhabi Holding was created in 2013 and is a group listed in the United Arab Emirates. It is one of the fastest growing investment holding companies in Abu Dhabi, and more than 100 companies in healthcare, agriculture and petrochemicals, in addition to real estate, construction, hospitality and other sectors fall under its umbrella. more than 85,000 employees.
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