UAE IHC Holding company with crypto and Blockchain holding entities is seeking to list more than $27 billion worth in 2025, under 2PointZero.
The statement was made in an interview with IHC’s CEO Syed Basar Shueb on Bloomberg. He noted that the newly created holding firm 2PointZero will be going to the market sometime next year. UAE based International Holding Company (IHC), had approved the initiation of the transfer of 2PointZero, a next generation Holding Company comprising several diverse and dynamic companies, which would invest in several industries including crypto ecosystem.
IHC consolidated existing and newly created firms from Royal Group to form 2PointZero earlier this year. 2PointZero spans sectors from financial services to crypto mining. These firms include Lunate, Abu Dhabi’s newest fund, International Resources Holding, which invested more than $1 billion in Zambia’s Mopani copper mine, and private investment firm Chimera.
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.
It was decided these companies should come into a “separate ecosystem so that when we list the business, it’ll get the significant capital injection and that will help the growth of these businesses,” the CEO said. Its valuation will be “north of 100 billion dirhams.”
IHC and Royal Group are chaired by Sheikh Tahnoon bin Zayed Al Nahyan, a brother of the United Arab Emirates’ ruler and the country’s national security adviser. 2PointZero named Mariam Almheiri, the UAE’s former minister of climate change and environment, as CEO. Sheikh Tahnoon is already linked to firms that, by weighting, make up more than two thirds of the Abu Dhabi index.
IHC is also looking to list International Technology Holding, a combination of all information technology firms overseen by the conglomerate, and Sirius International Holding which is focused on green technology, digital transformation, and health tech. ITH is slated for this year while Sirius is likely to list in 2025.
IHC according to its CEO will be pursuing new sectors in 2024. The company will be developing the mining and energy, asset management, micro-finance and reinsurance sectors. It’s also pursuing investments in artificial intelligence. IRH, a firm folded under 2PointZero, will be the vehicle for investing in mining, focusing on copper, cobalt, tin, tungsten, tantalum and nickel. It’s having negotiations in Asia, Africa and South America, he said.
