Abu Dhabi fact of the day

International Holding Company has been growing:

IHC’s $240bn market capitalisation makes it by far the biggest constituent of the Abu Dhabi stock exchange, taking up 41.5 per cent of the FTSE ADX General Index — a figure that rises still further when listed subsidiaries such as Alpha Dhabi and 2PointZero are included.

First Abu Dhabi Bank, the country’s largest lender and runner-up at a 10 per cent weighting, is also chaired by Sheikh Tahnoon. Because IHC is ultimately controlled by Sheikh Tahnoon, who is also the UAE’s national security adviser and chairs two of Abu Dhabi’s sovereign wealth funds, academics classify it as a “state-related entity”.

IHC in turn consists of about 1500 firms, though consolidation is promised.  Here is the full FT article.