ADDH expands and rebrands as ADQ
New entity will oversee a broader stable of companies including Senaat, Abu Dhabi Securities Exchange and Image Nation
Abu Dhabi Developmental Holding Company (ADDH), one of the region’s largest holding companies, has expanded its remit and rebranded as ADQ.
A further 14 companies will now fall under ADQ's remit, including the General Holding Corporation, also known as Senaat, Image Nation and the Abu Dhabi Securities Exchange, which is now a public joint shares company. This brings the total number of companies within its portfolio to more than 25, operating across 11 sectors.
“ADQ brings together some of Abu Dhabi’s most dynamic and ambitious enterprises, so that we may act as a national champion on behalf of the government to maximise the performance and value creation by each of our portfolio companies,” the company's chief executive, Mohamed Alsuwaidi said.
"We aim to enable them through collaboration to achieve excellence in terms of higher productivity, efficiency and quality that will help promote their operations and their business success in increasingly competitive markets at home and abroad.”
ADQ was set up in 2018 as a public joint stock company. In 2019, the Abu Dhabi government moved its interest in 13 companies to ADQ, including Abu Dhabi Power Corporation, Abu Dhabi Airports, Abu Dhabi Ports, Etihad Rail, Abu Dhabi Health Services (Seha), insurer Daman, media companies Abu Dhabi Media and twofour54 and Abu Dhabi National Exhibitions Company, among others.
Senaat itself is a holding company for a range of assets now ultimately owned by ADQ, including Emirates Steel, agrifood business Agthia, Al Gharbia Pipe Company, contractor NPCC and Arkan Building Materials.
Other new additions to ADQ's portfolio are the National Marine Dredging Company, Emirates Driving Company and a group of tourism assets. These include resorts such as Qasr Al Sarab, Anantara Al Sahel, Anantara Al Yamm and Desert Islands, as well as Qaryat Al Berri Resort Development Company and Emirates Pearl for Development and Investment.
The expanded portfolio will deepen ADQ's focus on the development of the industrial, agri-food, media, financial services and tourism sectors in the emirate, the company said.
"Each portfolio company has built its own powerful place in society and regional markets. We do not seek to change that, but to enhance it,” Mr Alsuwaidi said.
He added the group would look to "support our portfolio through the application of best practice and optimal capital allocation and management”.
Updated: March 24, 2020 08:18 PM