UAE based International Holding Company (IHC), has approved the initiation of the transfer of 2PointZero, a next generation Holding Company comprising several diverse and dynamic companies, which will invest in several industries including crypto ecosystem.
The new Holding company will include a combination of entities holding over $27 billion in assets (transfer will be completed after obtaining all regulatory approvals).
One of the most relevant entities now under 2PointZero is Citadel Technologies.
Citadel is a leading player in the cryptocurrency mining industry and operates a state-of-the-art crypto mining facility in Abu Dhabi, UAE. The company specializes in Bitcoin extraction and is committed to sustainable and efficient mining practices. Citadel’s strategic location in the UAE allows it to leverage the region’s advanced infrastructure. In FY22, Citadel reported a revenue of AED100 million and an asset size of AED2.7 billion. IHC recently acquired a 10% stake in Phoenix Group, which manages the ‘Citadel Project’. Citadel’s facility is recognized as the Middle East’s largest crypto-mining facility.
IHC Chairman, Tahnoon bin Zayed Al Nahyan said: “Today, we are proud to announce the formation of 2PointZero, a next generation holding company that stands at the forefront of pioneering advancements across multiple sectors. Embracing the future with open arms, 2PointZero is committed to having a transformative impact globally. Our dedication to Technology and Artificial Intelligence (AI) is evident in our commitment to developing solutions that redefine industries such as Financial Services, Investment Banking, and Resource Management. Our vision transcends boundaries, and our mission is to build sustainable ecosystems that empower communities, cultivate technological excellence, and ensure financial resilience.”
2PointZero will invest across verticals including Private Equity and Alternative Investments, Venture Capital Operations, Credit/Asset Management, Financial Services (including Micro Financing and Insurance) Investment Banking, Securities Brokerage and Research, Artificial Intelligence (AI) and Technology, Mineral and Resource Management, Digital and Cryptocurrency Ecosystems and Mobility.
“2PointZero’s collective strength lies in its diversity, shared vision, and unwavering commitment to progress. Its thriving ecosystem of industry leaders is interconnected, each contributing unique value and drawing strength from their collective purpose,” said Syed Basar Shueb, IHC’s Chief Executive Officer. “By harnessing our expertise and acumen across these industry verticals and operating at an unprecedented scale, 2PointZero is poised to create a transformative impact on the world.”
2PointZero Holding will also include the following entities, Chimera Investments, Lunate, Beltone, International Resources Holding (IRH), and Sagasse Investments.
A week prior to this announcement, UAE IHC Holding, which bought 10 percent of UAE Phoenix Group, a leading Bitcoin mining entity spurred its growth in Blockchain, AI and IoT in a joint venture with Indian Adani Group.