UAE's Emirates Stallions Group announces $65.3mln hospitality development in Sudan

Project marks IHC unit's entry into Sudanese hospitality real estate sector

  
The Abu Dhabi Downtown Skyline and Corniche with the newly developing Central Market Towers at dusk. Image used for illustrative purpose.

The Abu Dhabi Downtown Skyline and Corniche with the newly developing Central Market Towers at dusk. Image used for illustrative purpose.

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UAE’s Emirates Stallions Group, a subsidiary of Abu Dhabi’s International Holding Company (IHC), is set to build a hospitality development in Sudan for 240 million dirhams ($65.3 million). 

The 16-floor hotel and residences project, which will feature 300 hotel rooms and apartments, is in partnership with DAL Group, the largest private sector conglomerate in Sudan, according to a statement to the Abu Dhabi Securities Exchange (ADX). 

The project is ESG’s first hospitality development in Sudan and is expected to create hundreds of hospitality-related jobs for the local market. 

“This is an exciting project that is going to serve as a cornerstone asset for growing/ enhancing the group’s exposure to unserved promising markets in the region,” said Matar Suhail Al Yabhouni Al Dhaheri, chairman of ESG. 

“While this is our first hospitality development in Sudan, we have completed similar projects in Africa and Europe over the years.”

The project will be developed in the $4 billion Al Morgan Development in central Khartoum, which has an area of more than 7 million square meters. It will be one of the 44 commercial towers and 18 hotels planned for the site. 

(Writing by Cleofe Maceda; editing by Seban Scaria) 

Cleofe.maceda@refinitiv.com 

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© ZAWYA 2021

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