Abu Dhabi-based International Holding Company has announced the formation of a new holding company, 2PointZero, which will have more than Dh100 billion ($27.2 billion) in assets.
IHC’s board approved the initiation of the transfer of entities across several sectors to 2PointZero and the move will be completed after obtaining all regulatory approvals, the diversified conglomerate said in a statement on Tuesday to the Abu Dhabi Securities Exchange, where its shares are traded.
The new “next generation” holding company “is committed to having a transformative impact globally”, said IHC chairman Tahnoon bin Zayed.
“Our dedication to technology and artificial intelligence is evident in our commitment to developing solutions that redefine industries such as financial services, investment banking and resource management,” he said.
The new holding company will cover sectors including private equity and alternative investments, venture capital operations, asset management, financial services (micro financing and insurance), investment banking, securities brokerage and research, AI and technology, mineral and resource management, digital and cryptocurrency ecosystems, and mobility.
Companies under 2PointZero include Abu Dhabi-based private investment firm Chimera Investments – which recently sponsored and anchored ADC Acquisition Corporation, the first regional special purpose acquisition company (Spac) – as well as its subsidiaries Lunate and Beltone.
Lunate, which manages more than Dh400 billion in assets, last month launched the Alterra private climate investment vehicle at Cop28, which aims to raise $250 billion globally in the next six years to create a fairer climate finance system.
Meanwhile, Egypt-listed Beltone Holding, a financial services provider, recently raised 10 billion Egyptian pounds ($323.6 million) “in the largest capital increase in the history of the Egyptian Stock Exchange”.
Also part of 2PointZero will be Abu Dhabi-headquartered International Resources Holding (IRH), which focuses on energy transition minerals and resources such as copper, cobalt, nickel, lithium, 3T (tin, tantalum and tungsten), manganese and graphite.
Recently, IRH signed a $1.1 billion investment agreement for a 51 per cent stake in Zambia’s Mopani Copper Mines. The company has more than 20 assets under negotiation and more than 22,000 square kilometres under exploration in various countries.
Sagasse Investments, which has total assets of Dh8 billion as of 2023, and Citadel Technologies, which operates a crypto mining plant in Abu Dhabi and specialises in Bitcoin extraction, are among other businesses in the new holding company.
The new company, 2PointZero, will use IHC’s “expertise and acumen” to operate at an “unprecedented scale”, said Syed Shueb, IHC’s chief executive.
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