Multiply Group PJSC

Multiply Group PJSC is an Abu Dhabi-based tech-focused holding company. It was listed on Abu Dhabi Securities Exchange (ADX) Main Market on December 5, 2021.

Multiply Group PJSC[1][2]
TypeInvestment Holding Company
IndustryTech-focused Holding Company
FoundedAbu Dhabi, UAE
2003 (2003)
Headquarters
Abu Dhabi
,
UAE
Key people
André Sayegh (Chairman), Samia Bouazza (Board Member, CEO & Managing Director); Naveed Khan (Group Finance Director);Kevin Mark Raistrick (Chief Operating Officer)
DivisionsInvestments
Websitewww.multiply.ae

History

The Company started out as Multiply Marketing Consultancy LLC, established in the year 2003 with its current CEO and 3 other employees.

In 2019, the Company initiated investments and global partnerships in tech-focused companies. In 2020, International Holding Company (IHC) acquired Multiply Marketing Consultancy.

In 2021, the Company merged its operations with Viola Communications and transformed into Multiply Group, an Abu Dhabi-based tech-focused holding company.

On December 5, 2021, Multiply Group started trading on Abu Dhabi Securities Exchange (ADX) main market.[3][4][1]

The Group carried out a series of acquisitions during 2021 including the full acquisition of Pal Cooling Holding, an increase in ownership of Viola Communication to 100 per cent and the acquisition of significant stakes in Emirates Driving Company and Omorfia Group which includes Tips & Toes, Bedashing Beauty Lounge, Jazz Lounge Spa and Creative Beauty Source, and US-based digital marketing firm Firefly.[5][6]

The company's invested AED 275 million and AED 92 million respectively in visual content firm Getty Images and Rihanna’s Savage X Fenty and AED 367 million in DEWA's initial public offering. The holding company held a total of $3.2 billion (AED 11.6 billion) in assets under management (AUM) as of December 31, 2021.[7][8]

Major shareholders of Multiply Group include International Holding Company (IHC) which was ranked second for the top 10 most valuable listed companies in UAE by Forbes Middle East.[9][1][2]

The Group's investments span across 5 industries: media and communications, utilities, ventures, wellness and beauty, and the digital economy.[10][4][3]

Mergers and acquisitions

Starting in 2016, the company acquired 50% stake of its largest local competitor Viola Communications. In 2021, Multiply Group acquired 100% stake in PAL Cooling Holding,  51% of Omorfia Group which comprises companies such as Bedashing Beauty Lounge and Tips & Toes, 48% stake in Emirates Driving Company (EDC). Multiply Group also invested $15 million in US rideshare advertising company Firefly, $75 million in visual content firm Getty Images, and $25 million Savage X Fenty, Rihanna's direct-to-consumer e-commerce fashion business.[11][9][12][13][14][15][16]

References
  1. "Abu Dhabi IHC's Multiply Group invests $14.9mln in US start-up Firefly". www.zawya.com.
  2. "IHC Unit Gets $13.1 Billion of Bids in Direct Listing". Bloomberg.com.
  3. https://www.arabianbusiness.com/gcc/uae/468738-abu-dhabis-multiply-invests-again-in-us-taxi-advertising-platform
  4. "Abu Dhabi's IHC acquires 51% of Bin Suhail Group to form beauty JV". Reuters. October 11, 2021 – via www.reuters.com.
  5. "UAE Firm Sitting on Millions Eyes Bargains in 'Buyer's Market'". Bloomberg.com. 11 February 2022.
  6. "IHC subsidiary Multiply to list directly on Abu Dhabi's main market". Reuters. 29 November 2021.
  7. https://www.khaleejtimes.com/business/multiply-group-to-invest-dh-367-million-in-dewa-ipo%3Famp%3D1
  8. https://www.thenationalnews.com/business/markets/2022/03/25/multiply-group-to-invest-100m-in-dewas-ipo/%3FoutputType%3Damp%26d%3D233
  9. "Abu Dhabi based Multiply Marketing acquires stake in digital media platform Firefly". gulfnews.com. 9 May 2021.
  10. "Abu Dhabi's IHC plans IPO for tech-focused subsidiary Multiply this year". The National. October 15, 2021.
  11. "Abu Dhabi's IHC signs agreement to create beauty sector joint venture in the UAE". The National. October 12, 2021.
  12. "IHC surpasses expectations as profit more than triples in first 9 months of 2021". The National. November 5, 2021.
  13. Mansoor, Zainab (December 5, 2021). "IHC's Multiply Group starts trading on Abu Dhabi Securities Exchange".
  14. "Abu Dhabi's Multiply Group invests $25m in Rihanna's fashion brand". The National. January 27, 2022.
  15. "Multiply Group's 2021 profit soars on higher revenue". The National. February 11, 2022.
  16. "Abu Dhabi's Multiply Group posts $61.3mln net profit". www.zawya.com.
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