A New Era of Investment and Innovation
Abu Dhabi has once again cemented its position as a global business hub with the establishment of 2PointZero, a new holding company under the International Holding Company (IHC) umbrella. This strategic move, involving assets worth more than Dhs100 billion ($27 billion), marks a significant milestone in the region’s economic landscape.
Founded in 1998, IHC has been pivotal in diversifying the UAE’s non-oil sectors. Today, it stands as the Middle East’s most valuable listed holding company, boasting a market cap of Dhs 907 billion. Its inclusion in the FTSE ADX 15 Index highlights its prominence among the top 15 largest and most liquid companies on the Abu Dhabi Securities Exchange (ADX). The conglomerate’s expansion over the years is evident in its vast network of over 500 subsidiaries and more than 107,000 employees, covering diverse sectors like asset management, healthcare, real estate, IT, and more.
2PointZero emerges with a clear vision: to lead in financial services, investment banking, technology, and AI. This ambitious initiative aligns with the UAE’s broader goals of economic expansion and technological advancement.
The Powerhouses Behind 2PointZero
The six constituent companies of 2PointZero showcase a blend of innovation, financial prowess, and strategic investment, each contributing uniquely to this colossal initiative:
- Chimera Investments: An Abu Dhabi-based investment firm established in 2007. It’s known for managing a diverse equities portfolio and recently launched ChimHaeres Investment Holding in collaboration with Haeres Capital. Chimera reported a net profit of Dhs1.4 billion and assets of Dhs20.1 billion for FY22.
- Lunate (Pending Regulatory Approvals): This global investment manager, with over Dhs400 billion in assets, focuses on private markets. Lunate, majority-owned by Chimera, recently launched ALTÉRRA at COP28, a significant climate investment vehicle.
- Beltone Holding (Pending Regulatory Approvals): A rapidly growing financial service provider in Egypt and MENA, Beltone Holding is involved in investment banking, asset management, and more. It raised EGP10 billion in a major capital increase on the Egyptian Stock Exchange.
- International Resources Holding (IRH): Based in Abu Dhabi, IRH specializes in energy transition minerals and resources like copper, cobalt, and lithium. The company plays a vital role in enhancing in-country value addition, especially across Africa.
- Sagasse Investments: This investment vehicle focuses on strategic investments in the Middle East, with a strong portfolio in equities, cash instruments, and securities. In FY23, Sagasse reported total assets of Dhs8 billion.
- Citadel Technologies: A leader in cryptocurrency mining, Citadel operates the Middle East’s largest crypto-mining facility in Abu Dhabi. The company specializes in Bitcoin extraction and sustainable mining practices.
Conclusion
The launch of 2PointZero is more than just a business move; it’s a strategic initiative that positions Abu Dhabi at the forefront of global investment and innovation. With its diverse companies and forward-thinking approach, 2PointZero is set to redefine the economic landscape of the region and beyond.
