A picture taken on January 24, 2022 shows Abu Dhabi, capital of the UAE which has come again under attack by Yemen's Huthi rebels
IBTimes US

Abu Dhabi-based International Holding Company (IHC) announced the formation of a new holding company 2PointZero, which is expected to have assets of more than AED 100 billion.

In an official press release Tuesday, IHC said its board has approved the initiation of the transfer of 2PointZero to IHC. The new holding company consists of several diverse and dynamic companies.

IHC Chairman Tahnoon bin Zayed Al Nahyan said that he is proud to announce the formation of the company that "stands at the forefront of pioneering advancements across multiple sectors," adding that it 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," Al Nahyan added.

Al Nahyan noted that 2PointZero's vision transcends boundaries and its mission is to "build sustainable ecosystems that empower communities, cultivate technological excellence, and ensure financial resilience."

In addition to being a holding company, 2PointZero aims to progress in a variety of verticals including private equity and alternative investments, venture capital operations, credit/asset management, financial services, 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," adding that its "thriving ecosystem of industry leaders is interconnected, each contributing unique value and drawing strength from their collective purpose," IHC's CEO Syed Basar Shueb said in a statement.

Companies under 2PointZero include Abu Dhabi-based private investment firm, Chimera Investments; a global alternative investment manager, Lunate; financial services provider, Beltone Holding; investment company, Sagasse Investments and cryptocurrency mining industry firm Citadel Technologies.

2PointZero's portfolio is expected to surpass AED 100 billion in assets, empowering its constituent companies to achieve technological breakthroughs and foster sustainable ecosystems.

"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," Shueb added.

IHC, founded in 1998, was part of an initiative to grow non-oil businesses in the UAE. The company comprises more than 107,000 employees and over 500 subsidiaries.