Multiply Group is entering a new era of scale and synergy, following a strategic merger that CEO Samia Bouazza describes as “a whole new beginning.” In just four years since its listing on the Abu Dhabi Securities Exchange, the company has tripled its market capitalisation and grown revenues from Dh300 million to Dh2 billion, with Ebitda surging eightfold.
“We promised our shareholders real returns — and we’ve delivered,” Bouazza said in an interview with Khaleej Times. “Now, we’re entering a phase where we do what we’ve always done best — grow companies and invest abroad — but with sharper focus and greater scale.”
Multiply Group’s acquisition of IHC’s stakes in 2PointZero and Ghitha Holding is more than a financial transaction. Bouazza calls it “a merger of visions, capital, and AI tools.” The deal, structured as a share swap, preserves capital while expanding Multiply’s reach across six sectors — five consumer-focused and one energy-driven.
The energy portfolio now spans the full value chain: from copper and tin mining in Zambia and Congo, to cable and transformer manufacturing in Egypt, to renewable energy exports across 120 countries. Multiply’s own assets include a Dh28 billion stake in Taqa and Kalyan Energy in Turkey, which operates nearly 2 GW of solar and wind capacity.
“This creates one of the most interesting energy platforms in the country,” Bouazza said. “We now cover every step of the energy supercycle — from mining to renewables — with efficiencies and synergies that boost margins.”
On the consumer side, Multiply has built a diversified portfolio that includes:
Apparel: Majority stake in Tandem, Europe’s second-largest omnichannel distributor.
Beauty: Over 135 salons, with expansion into Saudi Arabia.
Media: Strategic partnerships with Saudi media entities.
Mobility: Driving schools and public transport operations.
Packaging: A major factory acquisition in Italy.
Ghitha Holding adds a defensive layer, focusing on food production “from farm to fork” — a sector Bouazza sees as essential in times of recession or disruption. “This merger creates a beautifully balanced portfolio,” she said. “If you own one share of 2.0 today, you’re exposed to two multi-trillion-dollar megatrends: energy and consumer.”
Capital expansion and market impact
The share swap will raise Multiply’s capital base from Dh2.8 billion to Dh8.64 billion, with total outstanding shares increasing to 34.5 billion. A 39 per cent free float is expected to enhance trading liquidity and improve index weightings in MSCI, FTSE, and FADX 15.
Bouazza emphasised that the merger is pending regulatory approval, but once completed, it will position Multiply for stronger investor inflows and global brand expansion. “We’re already operating in 85 countries,” she said. “Now we’ll be more global in how we build the brand and attract capital.”
Multiply’s growth strategy is rooted in disciplined execution. Bouazza outlined clear criteria for acquisitions: a minimum 15 per cent IRR, a path to Dh1 billion in Ebitda within three years, and strong cash conversion.
“We won’t spend time on deals outside our two focus sectors — energy and consumer,” she said. “We empower our CEOs to run their sectors with accountability and agility, supported by AI tools that optimise operations.”
Organic growth is also accelerating, with Tandem expanding into Latin America and other subsidiaries scaling across the GCC. “We trust our management teams and give them the tools to succeed,” Bouazza added.
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