UAE’s Rorix to capitalize on free-trade pacts as IHC subsidiary
Through the new company, IHC expects to accelerate trade volumes, attract foreign investment, and broaden economic partnerships.
IHC Chairman Sheikh Tahnoon bin Zayed met former U.S. President Barack Obama during his visit to Washington in June. (Photo: Sheikh Tahnoon bin Zayed / Twitter)
International Holding Co., the broad-based conglomerate controlled by UAE power broker Sheikh Tahnoon bin Zayed, is expanding its financial services business by forming Rorix Holdings.
The new company under the IHC umbrella will focus on finance, commodities trading and trade insurance, the parent company said in a statement on Monday.
Through Rorix, IHC said it expects to accelerate trade volumes, attract foreign investment, and broaden economic partnerships.
Rorix will “play a crucial role in realizing the UAE’s vision in facilitating seamless trade across borders,” IHC Chief Executive Syed Basar Shueb said.
The new firm will seek to capitalize on a flurry of free trade agreements the UAE has signed in the past three years with countries including India, Indonesia, Israel, Turkey and South Korea, he said.