IHC subsidiary Alpha Dhabi acquires hospitality company Murban

IHC subsidiary Alpha Dhabi acquires hospitality company Murban

UAE-based construction company Alpha Dhabi Holding has completed the acquisition of the investment firm, Murban, in a 1.7 billion dirhams ($500 million) asset deal. Alpha Dhabi, a subsidiary of Abu Dhabi Exchange listed International Holding Co. (IHC), said the acquisition will help to diversify its portfolio. Murban, with 1.7 billion dirhams in equity, is primarily involved in the hospitality industry, with assets including St Regis at Saadiyat, Al Wathba Luxury Collection Desert Resorts and the Le Noir Café brand. Earlier in March, Murban signed an agreement with the Aceh Governor to build a luxury resort in Aceh province, Indonesia. Alpha Dhabi has a hospitality development division and has built hotels in the UAE, Morocco, Russia, and the UK. In addition to its hospitality portfolio, Murban also owns a 33 percent equity interest in Canal Sugar S.A.E, the largest beet sugar development project in the world; and a minority stake in Klarna, one of Europe's leading fintech 'buy now pay later' firms as well as other financial products. Last month IHC acquired a 45 percent stake in Alpha Dhabi Holding, earlier known as Trojan Holding, a real estate and construction group. In March, Trojan acquired a stake in UAE real estate