RIYADH: Alpha Dhabi Holding has raised its stake in Abu Dhabi-based mega-developer Aldar Properties, whereby it will become the parent company of the latter. With the latest stake purchase, the company complements its existing majority representation on Aldar’s board of directors, according to a statement. Alpha Dhabi, which is listed on the Abu Dhabi securities exchange, expects the move to reflect on its financial results for the current quarter onwards. “We are firm believers and supporters of Aldar’s equity story, vision, and strategy as well as the positive and strong strides it continues to make in growing and scaling its platforms,” said Alpha Dhabi’s CEO, Hamad Al Ameri. “As a long-term strategic shareholder, Alpha Dhabi will continue to support Aldar’s management team as they execute its transformational growth agenda,” he added.