After raising up to 700 million dirhams ($191 million), Ethmar International Holding (EIH), which is headed by the son of the ruler of the United Arab Emirates, is scheduled to become publicly traded in Abu Dhabi. EIH, an investment firm with numerous subsidiaries, intends to offer a 13% to 15% share to investors through a capital raise of 600 million dirhams to 700 million dirhams. On May 1, the company will list on the Abu Dhabi stock exchange.
The company has over 25 subsidiaries that cover various industries such as real estate, energy, technology, healthcare, sports, and investments. It aims to acquire several companies, including one of the leading financial services firms in the UAE, one of the largest tourism companies in Abu Dhabi, a construction and engineering firm, and one of the largest pharmacy chains in the capital. The company's estimated value exceeds 4 billion dirhams.
Why it matters
EIH's partnerships with International Holding Co. have boosted its assets from 15.8 million dirhams in 2021 to 78.1 million dirhams last year. Abu Dhabi is driving the 2023 Persian Gulf IPO boom, led by Adnoc Gas' $2.5 billion offering. Despite global concerns, the region remains attractive to investors, with at least eight companies set to go public in the UAE capital this year, according to an Abu Dhabi official.