Abu Dhabi – Mubasher: Alpha Dhabi Holding, a subsidiary of International Holdings Company (IHC), has acquired Murban, a privately-owned company in Abu Dhabi, in a AED 1.7 billion asset deal.

Founded in 2006, Murban has around AED 1.7 billion ($ 500m) in equity, with assets in the hospitality industry including St Regis at Saadiyat, Al Wathba Luxury Collection Desert Resorts, and the Le Noir Café brand, according to a recent press release.

In March, Murban has inked an agreement with the Aceh Governor to build a luxury resort in Aceh province in Indonesia.

Besides its hospitality assets, Murban also holds a 33% stake in Canal Sugar, the world's largest beet sugar development project, and a minority stake in Klarna, one of Europe’s leading fintech ‘buy now pay later’ firms.

With a strong hospitality development division, Alpha Dhabi has built hotels in the UAE, Morocco, Russia, and the UK; hence, the acquisition will help accelerate Alpha Dhabi’s diversification strategy.

The Chairman of Alpha Dhabi Holding, Mohamed Thani Murshed Al Rumaithi, said: "Murban is a dynamic platform on which to build our private and public equity exposure on the international markets. In addition, Murban has an excellent portfolio of hospitality developments."

Meanwhile, the Chief Executive and Managing Director of IHC, Syed Basar Shueb, commented: "Gaining a foothold in Canal Sugar, the world’s largest development of sustainable beet sugar, is a real plus point as we add to Abu Dhabi’s long-term food security program UAE National Food Security Strategy 2051."