Alpha Dhabi Check-in as Major Player in the Hospitality Industry with AED 730 million National Corporation for Tourism&Hotels Acquisition
•The transaction makes Alpha Dhabi Holding the single largest shareholder inADX-listed National Corporation for Tourism and Hotels.
Abu Dhabi, UAE; 11May 2023:Alpha Dhabi Holding PJSC, one of the fastest-growing investment holding companies in the UAE, listed on the Abu Dhabi Securities Exchange (ADX: ALPHADHABI)and has acquired a 36.4% shareholding in National Corporation for Tourism and Hotels (ADX: NCTH), an ADX-listed and Abu Dhabi based hospitality owner, manager,and operator. The share acquisition was executed via a purchasefroman existing shareholderfor a total consideration of AED 730 million.
Commenting on the transaction, Hamad Salem Al Ameri, Chief Executive Officer and Managing Director of Alpha Dhabi, said: “We continue to see strong and long-term growth potential of the UAE’s hospitality, lifestyle and tourism sectors and are emboldened by the robust economic, real estate and tourism fundamentals and resilience that the UAE continues to exhibit; fundamentals which have seen Abu Dhabi attract agrowing number of visitors, supported by an increasingly busy entertainment, sportingand business events calendar.”
“The transaction is value accretive to our portfolio and not only bolsters our hospitality, lifestyle and F&B credentials, but adds weight to our ambitions as we continue to accelerate the diversification of both ouroperating and investment portfolio in this spacewith a visionto build an integrated and premier hospitality and F&B portfolio.”
In line with Alpha Dhabi’s growth strategy to add scale and diversifyacross one of its core verticals, the transaction follows numerous recent acquisitions and investments in thissector includingAlpha Dhabi’s increased shareholding in Aldar Properties and investment in Nammos Group, both of which were made during 2022. Furthermore, Alpha Dhabi’s currentasset-rich hospitality portfolio includes the exclusive Cheval Blanc Randheli (LVMH’s second hotel venture), St. Regis Saadiyat as well as the Al Wathba Luxury Collection Desert Resorts.
Founded in 1996, NCTH takes an active role in the development of the tourism and hospitality sectors in the UAE. With a wide remit across thesesectors, NCTH’s portfolio of managed and owned hotels includes the InterContintental Abu Dhabi, amongst others. NCTH’score offering comprisescatering services, development, hotel management, asset management as well food and beverageconcept and franchising.