Shares in International Holdings Company surged on Sunday after the listing of its Alpha Dhabi arm, pushing the market value of the Abu Dhabi Securities Exchange past Dh1 trillion ($272.3 billion) for the first time. IHC's shares closed 15 per cent higher at Dh110.80 on Sunday, pushing its market capitalisation above Dh201bn. It is now the biggest company on the exchange, ahead of Etisalat (with a market cap of Dh193.2bn) and First Abu Dhabi Bank (Dh176.9bn). The jump in the company's share price jump pushed the ADX index up by about 2 per cent, increasing its market cap to nearly Dh1.13tn. The index has gained about 32.8 per cent since the beginning of the year. "Today's listing is a resounding vote of confidence for Alpha Dhabi in our journey of becoming a globally recognised investment holding company and to support our growth plans into our key verticals: industry, healthcare, capital, construction and hospitality," said Alpha Dhabi chairman Mohamed Al Rumaithi. "We are really pleased to have gained the support of key institutional and retail shareholders and we would like to thank all our key stakeholders for getting us market-ready.” Alpha Dhabi Holding, formerly known as Trojan Holding, employs about 40,000 staff through 25 different subsidiaries. The company made a profit of Dh218 million on revenue of Dh3.8bn last year, according to a <a href="https://adxservices.adx.ae/WebServices/DataServices/contentDownload.aspx?doc=2366870">prospectus document </a>filed to the exchange. Alpha Dhabi is jointly owned by International Holding Company's IHC Capital and Infinity Wave Holding, each of which hold a 45 per cent stake. The remaining 10 per cent is held by Chimera Investments. Its investments include a 65 per cent stake in National Marine Dredging Company, the offshore and marine construction company that recently completed a merger with ADQ-owned National Petroleum Construction Company and 100 per cent of contractor Trojan, one of Abu Dhabi's biggest construction groups. It also owns 40 per cent of Response Plus Medical Services, a provider of on-site healthcare to workers at remote sites in the UAE, Saudi Arabia and Oman. It has a 70 per cent stake in Marwarid Holding, a diversified company that carries out forestry management and landscaping services, as well as owning the five-star Telal desert resort near Al Ain, two animal feeds businesses and Islamic insurance group Aafaq Islamic Finance, among other businesses. It employs more than 11,000 staff. Alpha Dhabi also owns 100 per cent of <a href="https://www.thenationalnews.com/business/markets/owner-of-st-regis-saadiyat-island-sold-in-dh1-7bn-deal-1.1230555">Murban Abu Dhabi</a>, the hospitality company behind the St Regis Saadiyat Island, as well as resorts in the Maldives and Seychelles, that it acquired in a Dh1.7bn deal. A bell-ringing ceremony for the company's listing took place at the St Regis Saadiyat resort to mark Alpha Dhabi's listing on Sunday. “This is an incredibly special day for Alpha Dhabi," the chief executive of IHC, Syed Shueb, said. "The company has such great potential and is entering now a hugely exciting expansion phase. This listing will help support this phase. We also like to thank the ADX with preparing the paths for Alpha Dhabi to list its shares.” The ADX, owned by state holding company ADQ, announced plans to double its market capitalisation in January this year through its ADX One strategy, which looks to incentivise companies to join the exchange through a number of measures, including fee reductions for listings and the introduction of a broader range of services. "The listing of Alpha Dhabi on the Abu Dhabi Securities Exchange represents a strong vote of confidence in our exchange and reinforces the success of the 'ADX One' strategy in creating a dynamic equity and debt capital market ecosystem," said Mohamed Al Shorafa, chairman of ADX and Abu Dhabi's Department of Economic Development. "The efforts we have made to incentivise listings and reduce transaction costs as part of our ADX One strategy have rapidly attracted new companies and enhanced market liquidity, as demonstrated by our robust performance this year," said ADX chief executive Saeed Al Dhaheri.