Emirates Stallions Group (ESG), a subsidiary of International Holding Company (IHC), declared its acquisition of a 60% stake in AFKAR Financial Property Investments, an Abu Dhabi-based company operating across diversified sectors in the UAE.
This move signifies ESG’s substantial venture into the real estate and retail industry, solidifying its status as a prominent global investment force in the region.
AFKAR is actively involved in various sectors, including commercial enterprise investment, institution and management, real estate enterprise investment and development, and retail trade in furniture and interior decoration materials. Notably, its flagship brands, 2XL Home and OC Home, have expanded their market presence with new showrooms and a strategic growth plan, emphasising quality and customer focus.
Kayed Khorma, CEO of ESG, stated, “This strategic acquisition amplifies our Group’s portfolio, aligning with our business plan for the upcoming year. Our aim is to deliver higher Return on Investment (ROI) and continually enhance investor value.”
AFKAR demonstrated significant growth, registering a 13% rise in assets and a 10% increase in revenue over the past 3 years, backed by a workforce exceeding 600 employees.
This acquisition highlights ESG’s commitment to diversify its holdings in real estate and retail, recognising AFKAR’s notable market presence and growth trajectory in key regional markets.
“ESG is steadfast in its commitment to invest in high-growth sectors and broaden business horizons throughout 2024. This is our strategic vision,” Khorma affirmed.
AFKAR’s extensive portfolio includes key showrooms situated in prime locations such as Marina Mall Abu Dhabi, Al Ain Mall, Mega Mall, and The Galleria – Al Maryah Island, complementing ESG’s existing holdings and paving the way for further expansion. Alongside this growth, the company recently established a new warehouse in Sharjah and is developing an additional 2XL showroom in Dubai’s bustling Al Barsha area.
