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Alpha Dhabi Holding said in a statement that it has doubled its capital commitment and raised its ownership in the MICAD Credit joint venture to 40 percent from an initial 20 percent under an amended partnership agreement with Mubadala Capital. The commitment increase brings Alpha Dhabi’s total exposure in the vehicle to US$1 billion. MICAD Credit manages assets approaching US$1.7 billion distributed across 45 companies according to the company’s disclosure.
The joint venture established in 2023 operates from the Abu Dhabi Global Market and draws on Mubadala’s partnership with Apollo Global Management to access private credit opportunities that deliver attractive risk-adjusted returns. Mubadala Capital oversees management of the vehicle which originally targeted deployment of up to US$2.5 billion by 2028. Alpha Dhabi Holding reported that the partnership has concentrated on sectors and geographies aligned with its broader portfolio diversification goals.
A PwC assessment of the DIFC private credit landscape projected the GCC and Egypt market to expand between 15 and 30 percent annually over the coming five to six years potentially reaching US$11 billion to US$20 billion by 2030. Stride Ventures data showed private debt financing for GCC startups expanded more than eightfold in 2025 to reach US$4.1 billion with Saudi Arabia capturing the bulk of transactions. The report noted that banks in the region direct less than 2 percent of their lending to small and medium-sized enterprises against a global average of 22 percent leaving room for alternative credit providers.
Hamad Salem Al Ameri serves as managing director and group chief executive officer of Alpha Dhabi Holding. Omar Eraiqaat acts as deputy chief executive officer of credit and special situations at Mubadala. Both organisations have pointed to the platform’s success in sourcing high-quality investments since the joint venture’s inception.
The partnership expanded its portfolio through the acquisition of a European direct-lending book from Apollo which lifted assets under management to roughly US$1.6 billion across 39 obligors by December 2025 according to a statement from the parties. Mubadala maintains a separate private credit portfolio valued at approximately US$25 billion industry compilations show. The enlarged commitment from Alpha Dhabi aligns with continued growth in Gulf demand for direct lending instruments.
Alpha Dhabi Holding consolidates positions across real estate construction industrial energy healthcare and capital investments according to its public filings. The company holds a range of joint ventures and associate stakes that contribute to its net asset value. Further capital deployment under the revised MICAD Credit agreement is expected to pursue additional global credit opportunities that fit the partnership’s criteria.
