Abu Dhabi-based International Holding Company on Tuesday announced the formation of a new holding company – 2PointZero.
“The IHC Board approved the initiation of the transfer of 2PointZero, a next-generation Holding Company comprising several diverse and dynamic companies, to IHC,” the company said in a statement.
The new holding company aims to lead in financial services, investment banking, technology, AI, and beyond. Its portfolio is expected to surpass Dh100 billion.
“Embracing the future with open arms, 2PointZero is committed to having a transformative impact globally,” said IHC Chairman Tahnoon bin Zayed Al Nahyan. “Our dedication to Technology and Artificial Intelligence (AI) is evident in our commitment to developing solutions that redefine industries such as Financial Services, Investment Banking, and Resource Management.”
“Our vision transcends boundaries, and our mission is to build sustainable ecosystems that empower communities, cultivate technological excellence, and ensure financial resilience,” he added.
Companies under the newly formed 2PointZero include:
- Chimera Investments which manages a varied equity portfolio and contributed to a conglomerate with over 60 entities across industries, reporting a net profit of Dh1.4 billion and assets of Dh20.1 billion for FY22.
- Lunate, which manages over Dh400 billion in assets, focuses on private markets and recently launched ALTÉRRA at COP28.
- Beltone Holding, a fast-growing financial services provider in Egypt and the MENA region raised EGP10 billion in the largest capital increase in EGX history.
- International Resources Holding (IRH), headquartered in Abu Dhabi, specialises in energy transition minerals and signed a $1.1 billion investment agreement for a 51% stake in Zambia’s Mopani Copper Mines.
- Sagasse Investments operates in select companies and reported total assets exceeding Dh8 billion for FY23.
- Citadel Technologies, a leading player in cryptocurrency mining with a facility in Abu Dhabi, reported revenue of Dh100 million and an asset size of Dh2.7 billion for FY22.
“2PointZero’s collective strength lies in its diversity, shared vision, and unwavering commitment to progress. Its thriving ecosystem of industry leaders is interconnected, each contributing unique value and drawing strength from their collective purpose,” said Syed Basar Shueb, IHC’s CEO. “By harnessing our expertise and acumen across these industry verticals and operating at an unprecedented scale, 2PointZero is poised to create a transformative impact on the world.”
IHC, founded in 1998 as part of an initiative to diversify and develop non-oil business sectors in the UAE, has grown to become the most valuable listed holding company in the Middle East with a market cap of Dh879 billion as of September 30, 2023
Comprising more than 500 subsidiaries and over 107,000 employees, IHC seeks to expand and diversify its holdings across a growing number of sectors, including asset management, healthcare, real estate and construction, marine and dredging, IT and communications, financial services, food production and service, utilities, and services.
