Abu Dhabi wealth fund ADQ plans to acquire a 49% stake in Alpha Dhabi Holding’s construction unit, Alpha Dhabi Construction Holding (ADCH), according to a press release (pdf). Alpha Dhabi Holding will retain the remaining 51% stake in ADCH. The move aims to “combine the expertise and capabilities of ADCH and ADQ,” the statement said.

What they said: “With a shared vision for excellence, this collaboration allows us to deepen our commitment to national development, enabling us to tackle complex, large-scale projects with a keen focus on safety, quality, and timely delivery,” CEO and Managing Director of Alpha Dhabi Holding and Chairman of ADCH Hamad Al Ameri said.

Construction is a big market, and ADCH is a big player: The UAE construction market is estimated at USD 41 bn in 2024, according to the statement, and is projected to surpass USD 50 bn by 2029. In Abu Dhabi, the industry grew 14.3% y-o-y in 3Q 2023, adding AED 25 bn to the emirate’s GDP during the quarter. ADCH played a significant role in projects such as the Zayed National Museum and the Guggenheim Museum, as well as contributing to essential infrastructure such as the national railway. ADCH also takes on residential projects for local developers such as Aldar, Modon Properties, and Emaar.

Market reax: ADHC's shares on the ADX fell 3.1% to AED 15.2 apiece yesterday, according to ADX data.

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