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Abu Dhabi’s Q Holding names new Chairman, Group CEO

Abu Dhabi’s Q Holding names new Chairman, Group CEO
5 Jan 2024 23:44

ANUPAM VARMA (ABU DHABI)

Investment company Q Holding, a subsidiary of Abu Dhabi’s IHC, announced key leadership changes after its board meeting on Friday.

Jassem Mohamed Bu Ataba Alzaabi has been elected as chairman, while Abdulla Bin Mohammed Butti Al Hamed has been named vice-chairman, the company said.

Abdulla Abdulhameed Alsahi was named Group Managing Director.

The company added that Majed Fuad Mohammad Odeh had stepped down as Group CEO. He has now moved into the role of Group CEO’s Transformation Advisor. Bill Anthony O’Regan will be the new Group CEO.

O’Regan is also the CEO of Modon Properties, the company mandated by the Abu Dhabi government to develop strategic projects in the emirate, since March 2020 and has 25 years of experience in the real estate sector, including 18 years in Abu Dhabi managing large-scale development projects.

The new Group MD Abdulla Abdulhameed Alsahi is the managing director of Modon Properties.

In August 2023, ADQ, an Abu Dhabi-based investment and holding company, and IHC Capital Holding, a subsidiary of International Holding Company (IHC) submitted an offer to Q Holding to combine ADQ’s 100% shareholding of Abu Dhabi National Exhibitions Company PJSC (ADNEC), as well as its majority ownership interest in Modon Properties, and IHC Capital’s entire interest in Modon into Q Holding, with the aim to create a regional leader in real estate, hospitality, events, catering and development of urban projects.

The proposed transaction would create one of the largest real estate, hospitality, events, and catering platforms in the region that would enhance Abu Dhabi’s position as an integrated real estate and hospitality leader, complementing the emirate’s economic transformation efforts.

In November, the board of directors at Q Holding approved the acquisition of companies and assets including stakes in Modon Properties and ADNEC by issuing convertible bonds in a Dh25.6 billion ($6.9 billion) deal.

The holding company’s board agreed to acquire the entire shareholding of ADQ Real Estate and Hospitality Investments and IHC Capital Holding in Modon Properties, as well as the ADQ subsidiary’s shareholding in ADNEC.

Source: Aletihad - Abu Dhabi
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