Emirates Stallions Group (ESG), a listed company on Abu Dhabi Securities Exchange and a subsidiary of International Holding Company (IHC), and DAL Group
, the largest private sector conglomerate in Sudan, have announced a joint venture to build a hotel in central Khartoum, within the Al Mogran Development.
The AED240 million ($65 million) project will see ESG develop a 16-floor hotel and residences, which will comprise of 300 hotel and apartment keys.
ESG Chairman Matar Suhail Al Yabhouni Al Dhaheri said: “This project is going to serve as a cornerstone asset for growing and enhancing the group’s exposure to unserved promising markets in the region. We have experience in developing hotels, and while this is our first hospitality development in Sudan, we have completed similar projects in Africa and Europe over the years.
"Moreover, we are pleased to have DAL Group as a partner in this project which will help and support the creation of hundreds of hospitality-related jobs for the local market.”
DAL Group Chairman Osama Daoud Abdellatif added: “We are continuing to grow our partnership with IHC and its subsidiaries, expanding across different verticals.
"In this instance, we wanted to collaborate with a hospitality development company that had expertise in building hotels in emerging markets. ESG fits that profile, and we look forward to working together to transform downtown Khartoum with this project.”
The hotel is a main part of the mixed-use development that consists of recreational areas, retail, entertainment, restaurants, and cafes. The hotel itself will have three restaurants, conference and meeting rooms, a fitness centre and an outdoor swimming pool located on the rooftop.
Launched in 2005, Al Mogran Development will cover an area of over 7,000,000 sq.m. and will cost more than $4 billion with plots for 44 commercial towers, 18 hotels and 700 apartments.
Phase 2 will be residential and cover an area of more than 6,000,000 sq.m., including 650 villas, more than 7,000 apartments, an 18-hole golf course and more than 70,000 sq.m. of retail space.
Established in 2008, ESG is present in 20 markets, with assets of AED555 million as of the end of H1 2021 and over 3,000 employees.-TradeArabia News Service
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