Abu Dhabi – Mubasher: Emirates Stallions Group (ESG), a subsidiary of International Holding Company (IHC), has acquired a 50% equity in Al Eskan Al Jamae, a UAE-based real estate development and management firm.
The majority stake is equivalent to 45% of KEZAD Communities, according to a press release.
The transaction aligns with Emirates Stallions’ long-term strategy to boost its market leadership in the UAE’s staff housing sector. This is besides scaling up the group’s existing staff housing portfolio.
Kayed Khorma, CEO of Emirates Stallions, highlighted: "We are seeing significant growth in the UAE's staff housing sector as a natural result of the ongoing developments and new projects launched across the country, especially in the capital."
Saeed Khalfan Al Kaabi, CEO of Al Eskan Al Jamae, said: “Our consolidated efforts in this sector will be more closely aligned with four – out of seven – economic priorities in Abu Dhabi’s Vision 2030.”
Al Kaabi added: “This strategic acquisition will help us to further integrate our services, reach out to new areas, and cement our long-standing position as an industry leader in the UAE.”
In a bourse filing, Emirates Stallions announced the takeover of TriStar Investment LLC, which is specialised in real estate management and development services as well as commercial brokerage.
Meanwhile, the acquisition process is still subject to regulatory approvals.
Last year, Emirates Stallions held 60% and 45% shareholding in Vision Factory and Decovision, respectively.
