Dubai, UAE — Emirates Stallions Group (ESG), a subsidiary of International Holding Company (IHC), on Thursday announced the acquisition of a 60 percent stake in AFKAR Financial Property Investments, an Abu Dhabi-based company with diversified interests across the UAE.
This marks ESG’s robust expansion in the real estate and retail sector. AFKAR has been active in various sectors including commercial enterprise investment, institution and management, companies’ representation, real estate enterprise investment and development, and the retail trade of household and office furniture and interior decoration materials.
The company flagship brands, 2XL Home and OC Home, have strengthened their market presence with new showrooms and a strategic expansion plan, reflecting their commitment to quality and customer-centric approach.
Kayed Khorma, CEO of ESG, said, “Through this strategic acquisition, we are fortifying and diversifying our Group’s portfolio, with the aim of expediting the development of our business plan for the upcoming year. Our focus is on delivering a higher Return on Investment (ROI) and continuing to add value to our investors.”
AFKAR has recorded a 13 percent increase in assets and a 10 percent rise in revenue during the past 3 years, underpinned by a workforce of over 600 employees.
This acquisition underlines ESG’s commitment to diversifying its portfolio in the real estate and retail sectors, recognizing AFKAR’s significant market presence and growth trajectory in key regional markets.
“ESG remains committed to investing in high-growth sectors and diversifying its business verticals throughout 2024. That’s our strategic vision,” Khorma added.