The acquisition will add to Alpha Dhabi’s portfolio of real estate, construction and industrial companies.
Alpha Dhabi Holding, which is a unit of the Abu Dhabi’s International Holding Company (IHC), acquired the hospitality investor for 1.7 billion dirhams. Murban, which was founded in 2006, owns a number of assets including St. Regis at Saadiyat, Al Wathba Luxury Collection Desert Resorts and the Le Noir Café brand.
Murban also owns 33 per cent of Canal Sugar, the largest beet sugar development project in the world.
“The move comes in line with our vision to develop our hospitality business and other sectors, deepening our hospitality business and other sectors, deepening our ties locally and regionally. Furthermore, 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 programme UAE National Food Security Strategy 2051.”
