Emirates Stallions Group (ESG), an ADX-listed company and a subsidiary of International Holding Company (IHC), has acquired 70 percent of WFC Holding, a UAE technology, data-driven and outsourcing company specialized in Business Process Outsourcing (BPO) and Manpower Outsourcing (MPO).
WFC Holding, through its subsidiaries Workforce Connexion, Integrated Business Centre, Corporate Solutions Consultants, and Multi-Serve Typing, provides clients with complete end-to-end support services across multiple sectors and industries.
The acquisition of Workforce Holding comes as part of Emirates Stallions Group’s effort to diversify into new areas that complement its mainstream construction and real estate business, and to take advantage of the growing demand for manpower outsourcing services in the UAE market, local media reports said.
Matar Suhail Al Yabhouni Al Dhaheri, Chairman of ESG, said, “This acquisition will allow us to expand, manage and control our client’s manpower operations better and will allow us to expand our business into other relevant areas to meet the growing demand for UAE manpower services.”
WFC Holding said its revenue grew significantly to AED 405 million in 2020 from AED 90 million in 2019, a jump of 350 percent.
This helped to drive net profit higher by 150 percent to AED 15 million as compared to AED 6 million in 2019. WFC’s main revenue drivers are Real Estate, Retail, Aerospace, Defense, Government, Education, Technology, Manufacturing, Hospitality, and F&B.
Established in 2008, Emirates Stallions Group is present in 20 markets and has assets of AED555 million as of the end of Q2 2021 and over 3,000 employees.