IHG last week acquired Elegancia Group in Qatar’s first reverse acquisition
New structure consolidates the Group’s 37 companies in healthcare, professional services, contracting, industries and ventures into a single, worldwide conglomerate to capitalize on growth opportunities
To capitalize on Qatar’s ever-expanding market size and more closely align with the Company’s priorities for future growth–including providing quality healthcare, facility management, tourism offerings, global expansion, and professional service sectors–Investment Holding Group today announced a strategic reorganization of its businesses into 5 sectors: healthcare, professional services, contracting, industries and ventures. The reorganization is effective immediately.
“We are strategically positioning our businesses for the future, creating a more effective, framework to serve clients throughout Qatar and the region, increase growth, and maximize stakeholder value,” said Henrik H. Christiansen, Group Chief Executive Officer, IHG. “With our unparalleled capabilities and experience in the sectors we serve, we are combining the management of our diverse portfolio of services and ventures to deliver healthcare, entertainment and professional services that is required for economic growth, social development, and environmental management aligned with Qatar’s Vision 2030.”
Last week, following a major share-swap deal, IHG completed a landmark acquisition of Elegancia Group that was approved by an overwhelming majority of IHG’s shareholders, forming one of Qatar’s largest conglomerates on its national Stock Exchange.
This first-ever reverse acquisition supports Qatar’s economic diversification, in line with the country’s national development goals and National Vision 2030. The acquisition will widen IHG’s capabilities into new industries and sectors, including healthcare, professional services, contracting, industries and ventures. As one of Qatar’s leading professional service companies, IHG’s maturing domestic and international exposure will positively impact stakeholder value to generate sustainable growth for the national economy.
Recently, Elegancia’s healthcare division announced a partnership with Los Angeles-based non-profit academic healthcare organization, Cedars Sinai, to operate a state-of-the-art hospital located in Al Qutaifiya, near The Pearl. Elegancia Healthcare will also operate the Korean Medical Centre, the region’s first medical facility to offer Korean alternative medicine and several other specialisations.
Elegancia also signed a deal with Qatar Diar and Qatar Tourism last year to develop Lusail’s Al Maha Island into a tourist destination which will include Doha Winter wonderland, restaurants, hotels and an array of entertainment offerings.