21 September 2026
Abu Dhabi’s International Holding Company confirmed on Monday, 21 September 2026, that Fount Trust is its ultimate parent, standing above Royal Group Holding LLC in the ownership chain. IHC has a market capitalisation of about AED 840 billion (USD 229 billion) and more than 1,300 subsidiaries across technology, infrastructure, financial services and consumer businesses. The company stated that the restructure changes the legal ownership structure above Royal Group, but does not change its ultimate beneficial ownership, its operations, its strategy or its business activities. Fount Trust became IHC’s parent in 2025, and the group has now set the arrangement out formally.
What IHC actually announced
The announcement formalises an arrangement that had already surfaced in group filings. Fount Trust had previously appeared in the financial disclosures of companies inside the wider IHC group: Two Point Zero Group, formerly Multiply Group, identified Fount Trust as its ultimate parent in its financial statements for last year, and Palms Sports and Emirates Stallions Group did the same in recent statements.
IHC did not identify the ultimate beneficial owner behind Fount Trust. The chairman of IHC remains Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and National Security Adviser. Royal Group continues to exist and to operate inside the chain.
Syed Shueb, chief executive of IHC, framed the move as a governance decision rather than a commercial one: “Our responsibility is to build an institution capable of creating value over generations. That requires clear responsibilities and an ownership framework that can endure as people and circumstances change.” According to the company, an enduring ownership framework supports patient investment, durable partnerships and the development of capabilities over time.
The ownership chain after the restructure
The chain above the listed company now has four levels, each with a defined role:
| Level | Entity | Role after the restructure |
|---|---|---|
| 1 | Fount Trust | Ultimate parent of the group, in place since 2025 |
| 2 | Royal Group Holding LLC | Continues to exist and operate, majority shareholder of Pal Group |
| 3 | Pal Group of Companies | Majority shareholder of International Holding Company |
| 4 | International Holding Company | ADX listed group, more than 1,300 subsidiaries |
What does not change
IHC was explicit about the limits of the announcement. The restructure alters the legal ownership structure above Royal Group, yet it does not change the person or people who ultimately own or control the group. Governance is untouched: IHC continues to be governed by its board and managed by its executive team, and it remains subject to the reporting, disclosure and corporate governance requirements that apply to a company listed on the Abu Dhabi Securities Exchange.
For minority shareholders and counterparties, the practical picture is therefore continuity. The change is at the top of the chain, not at the operating level, and the listed entity keeps the same board, the same management and the same disclosure obligations.
Why ownership structure is a live question for companies in the UAE
Ownership chains and succession frameworks are not a concern for large holdings alone. Companies registered on the UAE mainland and in most free zones must maintain a register of real beneficiaries, keep it accurate and notify the registrar of any change, under Cabinet Decision No. 109 of 2023 on the Regulation of the Real Beneficiary Procedures. Adding a holding company, a foundation or a trust above an operating company is legitimate and common, but it does not remove the obligation to identify the natural persons who ultimately own or control the business.
Founders in the UAE typically face the same three questions that IHC answered publicly this week: who holds the shares today, who holds them if the founder is no longer there, and who is disclosed to the registrar and to the banks. Answers to those three questions have to be consistent across the corporate documents, the beneficial ownership filing and the bank file. When they are not consistent, the problem usually appears at the worst moment: during an account opening, a licence renewal or a due diligence exercise by a counterparty.
The choice of jurisdiction shapes what is possible. Mainland companies, free zone companies and the two financial free zones, DIFC and ADGM, offer different tools for holding structures and different disclosure regimes. Our guide on mainland versus free zone companies in the UAE sets out the trade offs, and the UAE company formation guide covers how ownership is recorded at the point of registration.
Checklist: review your own ownership chain
- Confirm that the shareholder register, the memorandum of association and the licence show the same owners and the same percentages.
- Check that the real beneficiary register is filed and current, and that any change of ownership was reported to the registrar within the required period.
- Map every level above the operating company, including holding vehicles registered abroad, and be ready to evidence each level.
- Make sure the beneficial owner data held by your bank matches the data filed with the registrar.
- Decide what happens to the shares on death or incapacity, and record that decision in an instrument that is recognised in the UAE.
- Re-check the chain after every corporate action: a share transfer, a new shareholder, a group reorganisation or the addition of a holding company.
How Atlant Capital can help
We work with owners on the structural side of a UAE business rather than on the paperwork alone. That includes choosing the jurisdiction and the licence when a group is being built, through our company setup service, and preparing a corporate file that a compliance officer can accept without a second round of questions when accounts are opened, through our bank account opening service.
In practice, the ownership chain is where most bank rejections and licence delays start. A holding company added without updating the beneficial ownership filing, a shareholder shown differently in the memorandum and in the licence, or an offshore level that nobody can evidence: each of these is fixable in advance and expensive to fix later.
Bottom line
IHC has placed a trust structure at the top of a group worth about AED 840 billion (USD 229 billion) without changing who controls it, who runs it or what it reports. The message for smaller businesses in the UAE is narrower but useful: an ownership chain is a document set that has to stay consistent over time, and the right moment to put it in order is before someone else asks to see it.
Source: The National.
FAQ
Who is the ultimate parent of IHC now?
Fount Trust. IHC confirmed on 21 September 2026 that Fount Trust sits above Royal Group Holding LLC as the ultimate parent of the group. Fount Trust became IHC’s parent in 2025, and the company has now stated the position formally. IHC did not identify the ultimate beneficial owner behind the trust.
Does the restructure change who controls IHC?
No. IHC stated that the change alters the legal ownership structure above Royal Group but does not change the person or people who ultimately own or control the company. Operations, strategy and business activities are unchanged, and Royal Group continues to exist and operate.
What is the ownership chain between Fount Trust and IHC?
Fount Trust is the ultimate parent. Below it, Royal Group Holding LLC remains the majority shareholder of Pal Group of Companies, and Pal Group remains the majority shareholder of International Holding Company. IHC itself holds more than 1,300 subsidiaries in technology, infrastructure, financial services and consumer sectors.
Does this affect the ADX listing and IHC reporting?
No. IHC said the restructuring does not affect its governance. The company continues to be governed by its board and managed by its executive team, and it remains subject to the reporting, disclosure and corporate governance requirements that apply to a company listed on the Abu Dhabi Securities Exchange.
Do UAE companies have to disclose their ultimate beneficial owner?
Yes. Companies on the UAE mainland and in most free zones must maintain a register of real beneficiaries and notify the registrar of changes, under Cabinet Decision No. 109 of 2023 on the Regulation of the Real Beneficiary Procedures. Adding a holding company or a trust above the operating company does not remove that obligation.
