ESG's Acquisition of AFKAR Financial Strengthens Position in UAE's Real Estate and Retail Sectors

ESG's Acquisition of AFKAR Financial Strengthens Position in UAE's Real Estate and Retail Sectors

By Emirates News Agency, 28 December 2023

Emirates Stallions Group (ESG), a subsidiary of International Holding Company (IHC), today announced the acquisition of a 60% stake in AFKAR Financial Property Investments, an Abu Dhabi-based company with diversified interests across the UAE.

This significant move marks ESG’s robust expansion in the real estate and retail sector, further solidifying its position as a leading global investment powerhouse in the region.

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 demonstrated remarkable growth with a 13% increase in assets and a 10% 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.

AFKAR’s extensive portfolio, including key showrooms in prime locations like Marina Mall Abu Dhabi, Al Ain Mall, Mega Mall and The Galleria - Al Maryah Island, complements ESG’s existing holdings and positions the group for further expansion.

Complementing this strategic growth, the company has recently developed a new warehouse in Sharjah and is in the process of constructing an additional 2XL showroom in the vibrant Al Barsha area of Dubai.

Esraa Esmail

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