International Holding Company, an initiative to diversify and develop non-oil business sectors in the UAE, completed the acquisition of a 50% stake in Kalyon Enerji, a renewable energy company, from Kalyon Holding, which operates in infrastructure, superstructure, highway, rail systems, sea crossing pipeline, natural gas and oil pipeline, energy and environmental projects, for $490m. "This constitutes IHC's second-largest acquisition in the renewable energy sector to date. With this transaction, IHC is further accelerating its growth in the renewable energy sector by partnering with Kalyon Enerji. This will complement our renewable energy portfolio, which we will continue to grow across different markets," Syed Basar Shueb, IHC CEO.