Abu Dhabi-based Al Qudra Holding plans to raise $1 billion in an initial public offering this month.

The firm also said it had named Mahmood Ibrahim Al Mahmood as chief executive officer. Salah Al Shamsi will remain as chairman of the firm, Al Qudra said.

Al Qudra, which has 30 units in industries including infrastructure and transport, will offer a 55 per cent stake to the public to finance expansion, Al Shamsi said.

Initially the company is looking to raise $1.01 billion, equivalent to a 25 per cent stake, while investors can pay for the remainder of the sale later, Al Shamsi said.