Abu Dhabi, Feb 1, 2026, 00:24 GST — The market has now closed.
- International Holding Company PJSC ended the day at 399.5 UAE dirhams, slipping 0.03%.
- Reports say Carlyle has been in discussions with IHC about possibly taking a stake in Lukoil’s overseas assets, and investors are reacting to the news.
- Upcoming triggers to watch are any deal announcements once the market reopens, plus the Feb. 28 U.S. deadline tied to Lukoil’s sale process.
Shares of International Holding Company PJSC finished the week nearly unchanged, yet chatter ramped up following reports connecting the Abu Dhabi group with potential discussions about Lukoil’s international assets.
It matters now because the Abu Dhabi market is closed for the weekend, giving investors a window to weigh possible outcomes before trading resumes. A deal this large would draw attention to how IHC allocates capital and the speed at which it acts when assets appear for sale.
A clock is ticking on the process. Under the U.S. sanctions framework, approvals and deadlines often turn into market events, sometimes even before a buyer inks a deal.
IHC ended Jan. 30 at 399.5 dirhams, slipping 0.1 dirham, or 0.03%. The share price hovers close to the low end of its 52-week range, which spans 399 to 411 dirhams.
Friday’s volume reached 252,368 shares, generating roughly 100.8 million dirhams in turnover. The stock fluctuated narrowly, trading between 399.4 and 399.6.
UAE stocks closed Friday on a weak note. Abu Dhabi’s main index dropped 0.8%, weighed down as oil prices slid roughly 1% following signals from Washington about potential talks with Iran, which eased concerns over supply disruptions. Shares of Abu Dhabi Commercial Bank and Aldar Properties were among the biggest losers.
The Carlyle Group has kicked off talks with Abu Dhabi investors, including Mubadala Investment Company, XRG, and IHC, about acquiring stakes in Lukoil’s international assets if Carlyle goes through with its purchase, sources revealed. One insider estimated the deal could be worth around $20 billion, while another noted the UAE backers are particularly focused on Lukoil’s trading division, Litasco. The U.S. Treasury has set a February 28 deadline for Lukoil to complete the sale, the report added.
Carlyle struck a deal this week to acquire the bulk of Lukoil’s international assets, though it still awaits clearance from the U.S. Treasury’s Office of Foreign Assets Control, which oversees sanctions. Exxon Mobil, Chevron, and Midad Energy have also shown interest, while Kazakhstan is making moves to take over Lukoil’s holdings within its borders.
IHC’s CEO Syed Basar Shueb told Semafor after Davos that the group is moving fast on investments, “creating dynamic value networks using all the tools available to us.” He added a clear message to watchers: “Keep watching what we are doing.” Semafor
For the moment, the stock remains largely unchanged. IHC has hovered in a narrow range around its one-year low throughout the past week.
That said, the Lukoil deal might not end up materializing for IHC. Discussions remain non-binding, valuations are unsettled, and U.S. sanctions approval could stall or even scuttle any arrangement involving new partners.
The market now eyes two key triggers: the next ADX filing once trading restarts, and updates from Carlyle or the Abu Dhabi investors as the Feb. 28 deadline for Lukoil’s sale looms.
