Emirates International Investment Company Increases Stake in Abu Dhabi Islamic Bank

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Emirates International Investment Company (EIIC) has announced the acquisition of an additional 7.6% interest in Abu Dhabi Islamic Bank (ADIB). The move is part of EIIC's strategy to increase its stake in the leading Islamic bank in the UAE and comes after the company acquired a 4.9% interest in ADIB in 2019.

With this acquisition, EIIC now holds a total of 12.3% interest in ADIB, making it the second-largest shareholder in the bank after Abu Dhabi Investment Council, which holds a 33.2% stake.

The deal, which was worth AED 1.2 billion ($327 million), was made through a series of block trades on the Abu Dhabi Securities Exchange. EIIC acquired the additional shares from several undisclosed sellers.

Commenting on the acquisition, EIIC's Chairman, H.E. Ahmed Bin Fahad Al Tunaiji, said, "We are pleased to have increased our stake in ADIB, which is one of the leading Islamic banks in the region. This investment is in line with our long-term strategy to invest in high-quality assets that generate sustainable returns for our shareholders."

He added, "As a strategic investor, we are committed to supporting the growth and development of ADIB, and we look forward to working closely with the bank's management team to create value for all stakeholders."

ADIB is a leading Islamic bank in the UAE, offering a range of Shariah-compliant banking products and services. The bank has a strong presence in the UAE and a growing international network, with operations in Egypt, Iraq, Saudi Arabia, Qatar, and the UK.

The acquisition by EIIC is expected to strengthen ADIB's capital base and support the bank's growth plans. It also reflects the growing interest in Islamic finance and the confidence of investors in the stability and growth potential of the UAE's banking sector.

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