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International Holding Company invests $2 billion in 3 Indian companies

International Holding Company

Abu Dhabi, (Business News Report)|| The UAE International Holding Company said it has invested $2 billion in three Indian companies affiliated with the Adani group.

Global Holding, listed on the Abu Dhabi Securities Exchange, said it would “provide capital of 7.3 billion dirhams (about $2 billion) for Adani Green Energy, Adani Transmission, and Adani Enterprises, all of which are listed on the Bombay Stock Exchange and the National Stock Exchange in India.”

The company confirmed that the injection of investment in India will be subject to the approval of shareholders and regulators, and will also comply with the securities regulations in India.

The International Holding Company indicated that the capital will be used to achieve growth in the mentioned companies and support the budget for general commercial purposes.

The company is headed by Sheikh Tahnoun bin Zayed Al Nahyan, who is the Emirati national security advisor and brother of Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed.

The UAE ranks first in the Arab world and 11th globally in the list of foreign direct investment in India at about $17.2 billion.

The UAE is also India’s third largest trading partner after the United States and China, with a trade exchange value of about $60 billion, according to data from the Indian Ministry of External Affairs for the year 2021.

In a separate context, the UAE economy grew by 3.8% during the past year 2021, exceeding expectations that had expected less growth.

The UAE stated that the country’s gross domestic product exceeded the expectations of international financial organizations.

In turn, Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the UAE, said that the Federal Center for Competitiveness and Statistics finished calculating the UAE’s gross domestic product in 2021, and international estimates of the growth of the UAE’s economy were at 2.1%.

He also explained that the UAE economy achieved a growth rate of 3.8% (higher than the growth of 2019) and the highest growth in the region, “at current prices, the output was 1.489 trillion dirhams.”

Bin Rashid added, “In a turbulent, changing world, the UAE has not stopped moving steadily forward, our economy is on the rise, our path is accelerating, our competition is moving up, and our future is good, God willing, and we give good news to our people that the future is better.”

While the estimates of the gross domestic product for the year 2021 at constant prices exceeded 1.492 trillion dirhams, and at current prices 1.489 trillion dirhams, while indicators of trade, manufacturing, real estate, finance, insurance and health exceeded their growth in the pre-pandemic years.

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