Abu Dhabi’s IHC to launch new holding with $237 billion in assets under management

DUBAI: Abu Dhabi’s International Holding Company plans to launch a new international financial services holding company expected to oversee more than 870 billion dirhams ($236.88 billion) in assets under management, it said on Friday.

Judan Financial will consolidate financial services assets of IHC, Alpha Dhabi, 2PointZero Group and Sirius International Holding across sectors including banking and insurance, IHC said in a statement.

The firm is expected to have a valuation of around 100 billion dirhams and oversee more than 20 operating financial services companies, including alternative investment firm Lunate.

Judan Financial will be chaired by Sheikh Tahnoun bin Zayed Al Nahyan, brother of the UAE’s president and national security adviser.

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Sheikh Tahnoun also chairs the emirate’s largest sovereign wealth fund ADIA and IHC, a sprawling conglomerate with global investments including in energy and mining.

UAE’s investment minister Mohamed Hassan Alsuwaidi will serve as Judan’s chief executive officer, with a mandate to scale the platform over the next five years and raise third-party institutional capital.

The move follows a major reshuffle last month, after Abu Dhabi’s newest sovereign wealth fund L’imad Holding took control of ADQ, creating a investment heavyweight chaired by the emirate’s Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan.

ADQ, which managed $263 billion before the merger, had been chaired by Sheikh Tahnoun and headed by Alsuwaidi, who now leads Lunate.