Abu Dhabi’s International Holding Company plans to buy back Dh1.8 billion ($490 million) worth of shares under the first tranche of its Dh5 billion programme approved in March. The first tranche, representing 36 per cent of the programme, commenced on June 12, the company said in a statement on Friday to Abu Dhabi Securities Exchange, where its shares are traded.The initiative will be executed over one year until March 30, 2027 and will be divided into tranches throughout the tenure. There is also an option to extend, subject to ADX approval.“The decision and opportunity of initiating the buyback programme is driven by the company's significant cash flow and strong balance sheets,” the company said in March, following its annual general meeting.The Abu Dhabi-based company, whose board is led by Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and National Security Adviser, has been posting strong financial results on the back of acquisitions and the robust performance of its business units.The board will authorise purchases in tranches on a monthly or quarterly basis and the buyback transactions may be ceased, paused or continued at any time. In the first quarter of this year, it doubled its net income to Dh8.1 billion, its best result in more than seven years, as revenue rose 33 per cent on an annual basis to Dh31.4 billion.The company has recorded strong recent results despite uncertainty over the Iran war and its impact on global commodity and stock markets.Despite the war, IHC has not changed its investment strategy and will continue to deploy capital in global markets, its chief executive and managing director Syed Basar Shueb told The National in an exclusive interview in Abu Dhabi last month.IHC plans to invest up to $8 billion in the next six months in sectors including mining, energy and financial services.“We continue to deploy and nothing stops us. Our plans are intact,” he said. “We are definitely, of course, more careful in our investment but we're continuing to invest.”Established in 1999, IHC is one of the most valuable holding companies in the Middle East, with a market capitalisation of about Dh845 billion as of noon on Friday. IHC operates through more than 1,300 subsidiaries, with a presence in technology, infrastructure, financial services and the consumer sector.It carried out a similar Dh5 billion share buyback programme in 2024.Companies under its umbrella include Abu Dhabi's biggest listed developer, Aldar Properties, Presight, Al Seer Marine and NMDC Group.