Abu Dhabi-based Emirates Stallions Group (ESG) has acquired a 60% stake in AFKAR Financial & Property Investments, marking its expansion in the real estate and retail sector of the UAE.

ESG is a global investment, engineering, and construction solutions company and a subsidiary of the International Holding Company (IHC), which is a leading conglomerate in the UAE.

Abu Dhabi-based AFKAR is active in commercial enterprise investment, real estate enterprise investment and development, and the retail trade of household and office furniture and interior decoration materials. Its brands include 2XL Home and OC Home.

"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," Kayed Khorma, CEO of Emirates Stallions Group, said.

AFKAR has grown its assets by 13% and revenue by 10% during the past three years, underpinned by a workforce of over 600 employees, a statement from ESG noted.

Last week, ESG announced the acquisition of a majority stake in United International Group (UIG), a provider of qualified labour and comprehensive manpower solutions in the UAE.  The UIG acquisition will foster ESG’s strategic plan to deploy more than 30,000 skilled professionals in various sectors by the end of 2024.

(Writing by Seban Scaria seban.scaria@lseg.com; editing by Daniel Luiz)