Mubadala offloads 7.6% ADIB stake to National Holding

Mubadala offloads 7.6% ADIB stake to National Holding

Mubadala Investment Company has sold a 7.6 per cent stake in Abu Dhabi Islamic Bank (ADIB) to Emirates International Investment Company (EIIC), a subsidiary of investment firm National Holding. EIIC was already ADIB’s top shareholder and the acquisition of a 7.6 per cent stake from Mubadala takes its shareholding to 47 per cent of the Shariah-complaint lender. The transaction signalled “strong confidence in the prospects for the long-term growth of the UAE’s second largest Islamic lender by assets,” Mubadala and National Holding said in a joint statement. Mubadala said the deal is in line with its strategy to create long-term value by optimising a global portfolio of investments across a variety of sectors. The Abu Dhabi state investor said it remains committed to the UAE banking sector as one of the largest investors in the sector. Founded in 1993, EIIC has interests across sectors in local and international markets that include banking, asset management, real estate, hospitality, fintech as well as food and agriculture. The merger and acquisition (M&A) activity in the GCC is expected to continue to be a driver of transformation in the financial sector as incumbents look for strategic partnerships and consolidation opportunities to boost digital capabilities,