Multiply Group PJSC is an

Abu Dhabi Abu Dhabi (, ; ar, أَبُو ظَبْيٍ ' ) is the capital and second-most populous city (after Dubai) of the United Arab Emirates. It is also the capital of the Emirate of Abu Dhabi and the centre of the Abu Dhabi Metropolitan Area. ...

–based tech-focused holding company. It was listed on

Securities Exchange (ADX) Main Market on December 5, 2021.

History

The Company started out as Multiply Marketing Consultancy LLC, established in the year 2003 with its current CEO and three other employees. In 2019, the Company initiated investments and global partnerships in tech-focused companies. In 2020, International Holding Company (IHC) acquired Multiply Marketing Consultancy. In 2021, the Company merged its operations with Viola Communications and transformed into Multiply Group, an Abu Dhabi–based tech-focused holding company. On December 5, 2021, Multiply Group started trading on the Abu Dhabi Securities Exchange (ADX) main market. The Group carried out a series of acquisitions during 2021 including the full acquisition of Pal Cooling Holding, an increase in ownership of Viola Communication to 100 per cent and the acquisition of significant stakes in Emirates Driving Company and Omorfia Group which includes Tips & Toes, Bedashing Beauty Lounge, Jazz Lounge Spa and Creative Beauty Source, and US-based digital marketing firm Firefly. The company's invested AED 275 million and AED 92 million respectively in visual content firm Getty Images and

Rihanna Robyn Rihanna Fenty ( ; born February 20, 1988) is a Barbadian singer, actress, and businesswoman. Born in Saint Michael and raised in Bridgetown, Barbados, Rihanna auditioned for American record producer Evan Rogers who invited her to the ...

’s Savage X Fenty and AED 367 million in DEWA's initial public offering. The holding company held a total of $3.2 billion (AED 11.6 billion) in assets under management (AUM) as of December 31, 2021. Major shareholders of Multiply Group include International Holding Company (IHC) which was ranked second among the top 10 most valuable listed companies in UAE by Forbes Middle East. The Group's investments span across 5 industries: media and communications, utilities, ventures, wellness and beauty, and the

digital economy The digital economy is a portmanteau of digital computing and economy, and is an umbrella term that describes how traditional Brick and mortar, brick-and-mortar economic activities (production, distribution, trade) are being transformed by Interne ...

Mergers and acquisitions

Starting in 2016, the company acquired 50% stake of its largest local competitor Viola Communications. In 2021, Multiply Group acquired 100% stake in PAL Cooling Holding, 51% of Omorfia Group which comprises companies such as Bedashing Beauty Lounge and Tips & Toes, 48% stake in Emirates Driving Company (EDC). Multiply Group also invested $15 million in US rideshare advertising company Firefly, $75 million in visual content firm Getty Images, and $25 million in Savage X Fenty, Rihanna's direct-to-consumer e-commerce fashion business.

References

{{Reflist Technology companies of the United Arab Emirates Companies of the United Arab Emirates Companies based in Abu Dhabi Investment companies of the United Arab Emirates Multinational companies headquartered in the United Arab Emirates