Abu Dhabi – Mubasher: Emirates Stallions Group, a subsidiary of the listed International Holding Company (IHC), has teamed up with Q Holding to form Century Village which is a joint venture (JV) project at a total value of AED 320 million.
The new creation aims at developing and managing the staff accommodation project on Abu Dhabi's Al Reem Island, according to a bourse disclosure.
Century Village will include the creation of a cutting-edge co-living community, a project that seeks to address the various housing needs of employees in sectors like healthcare, transportation, hospitality, and more.
CEO of Emirates Stallions, Kayed Khorma, commented on forming the JV project by saying: "This transformative project showcases our unwavering commitment to revolutionising workforce housing and providing exceptional living solutions for employees in diverse industries in the capital.”
Once completed, Century Village will cater to nearly 5,000 staff and feature integrated community facilities while providing an all-inclusive community experience.
Khorma added: “With the creation of this joint venture we aim to meet the diverse housing needs of professionals in different sectors.”
Meanwhile, Majed Odeh, Group CEO of Q Holding, said: “We are thrilled to announce the launch of Century Village, this groundbreaking joint venture will foster collaboration, convenience, and well-being, offering a dynamic and inclusive living environment.”
Century Village has chosen GBH International Contracting to be the main contractor to establish the Reem Hills Staff Accommodation project, while Royal Development Company (RDC) was appointed as the development management company in the preceding year.
Khorma concluded: “This marks a significant milestone in ESG journey to redefine employee housing standards and create sustainable, holistic communities.”
It is worth noting that Emirates Stallions’ parent company IHC generated AED 2.61 billion in net profit attributable to the owners during the first quarter (Q1) of 2023, a surge from AED 1.60 billion in Q1-22.
