Eltizam has footprint across UAE and the broader Gulf region. Credit: Kevin JD on Unsplash.

Abu Dhabi sovereign wealth fund ADQ is set to purchase a 50% stake in Eltizam Asset Management, a subsidiary of International Holding Co. (IHC).

IHC issued shares worth $30.4 m (AED 111.6m) in Eltizam to the wealth fund as part of the deal, according to a stock exchange filing.

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Established in 2009, Eltizam has footprint across UAE and the broader Gulf region. It provides a suite of strategic management and real estate services to its clients.

Recently, Eltizam acquired inspire Integrated, which specializes in infrastructure and real estate solutions, facilities management, and project delivery services.

UAE national security adviser Sheikh Tahnoon bin Zayed Al Nahyan chairs both ADQ and IHC.

Dubai-listed IHC signed a number of deals this year including the acquisition of a 45% stake in real estate and construction group Alpha Dhabi.

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The firm’s assets under management surged 444% to AED58m in the second quarter of 2021, compared to the year-ago period.

ADQ, which was also on an acquisition spree this year, acquired Egypt’s Amoun Pharmaceutical Company from Canadian firm Bausch Health Companies for about $740m.

Recent development in Abu Dhabi’s financial space

In September this year, alternative investment fund manager FundRock launched third-party management company services in the Abu Dhabi Global Market.

In July, First Abu Dhabi Bank entered into a new strategic alliance with State Street to launch a full-service enterprise offering for institutional investors in the Middle East and North Africa.

In April, fund administrator JTC strengthened its footprint in Middle East with the receipt of a new licence to provide corporate services in Abu Dhabi.

In 2019, Swiss private bank Mirabaud launched a new subsidiary in Abu Dhabi.