International Holding Company PJSC (ADX:IHC) plans to sell 20% of its technology unit in an initial public offering in 2023, its CEO told Reuters, adding that the company is aiming for a first quarter IPO of Pure Health to raise more than $1 billion. IHC, the UAE's largest publicly traded company worth more than $200 billion, has been on a consolidation and acquisition drive. This has led to two IHC subsidiaries rounding out the three biggest companies on the Abu Dhabi Securities Exchange (ADX).

Asked about plans for International Technology Holding (ITH), Chief Executive Officer Syed Basar Shueb said IHC will likely list 20% of it in the third quarter and is in talks with local firms about possible acquisitions by the group born out of IHC's IT sector holdings.