Emirates International Investment Company Increases Stake in Abu Dhabi Islamic Bank
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-qualit...