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Emirates Stallions Group Acquires 50% of ‘Al Eskan Al Jamae’ Staff Housing
February 7, 2023
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- The acquisition comes in line with the increasing demand in the UAE staff housing market.
- ‘Al Eskan Al Jamae’ portfolio includes over 800,000 sqm diversified staff housing projects.
Abu Dhabi, Feb 07, 2023: Emirates Stallions Group (ADX: ESG), the leading investment, engineering, and construction services business and subsidiary of International Holding Company (ADX: IHC) has acquired 50% of ‘Al Eskan Al Jamae’, a key provider of staff housing services in the UAE.
"We are seeing significant growth in the UAE's staff housing sector as a natural result of the ongoing developments and new projects launched across the country, especially in the capital. As market leaders in this sector, we recognize that we need to keep up with the future demand, and ‘Al Eskan Al Jamae' acquisition will put us ahead of the competition."
Kayed Khorma
CEO of ESG
ESG’s 50% stake in Al Eskan Al Jamae – which represents 22.5% of KEZAD Communities comes in line with the company’s long term strategy to reinforce its market leadership in the UAE’s staff housing sector. The new acquisition will help on expanding Emirates Stallions Group’s existing staff housing portfolio as the Group has a long tradition working in the sector. Abu Dhabi Mountain Gate Real Estate has been there since 2007, while Progressive Real Estate Development and Century Real estate Investment are two other subsidiaries that have been active since 2008.
Commenting on the economic and social significance of the mega acquisition, Dr. Saeed Khalfan Al Kaabi, Al Eskan Al Jamae CEO, said: “We are extremely excited for this partnership with ESG which has extensive experience in this sector. Our consolidated efforts in this sector will be more closely aligned with four – out of seven – economic priorities in Abu Dhabi’s Vision 2030. These priorities are building an open, efficient, effective, and globally integrated business environment; driving significant improvement in the efficiency of the labor market, developing a sufficient and resilient infrastructure capable of supporting anticipated economic growth, and developing a highly skilled, highly productive workforce.”
Al Eskan Al Jamae was established in 2006, to meet the growing need for staff housing in Abu Dhabi, by developing and providing accommodation through a holistic management approach. It focuses on developing modern, comfortable, and environment-friendly staff accommodation in Abu Dhabi and other cities in the UAE.
“This strategic acquisition will help us to further integrate our services, reach out to new areas, and cement our long-standing position as an industry leader in the UAE,” added Dr. Al Kaabi.
A major project developed and managed by Al Eskan Al Jamae is ICAD Residential City, located in in the Mussaffah Industrial City. With an overall built-up area of more than 800,000 sqm, and the capacity of 58,000 beds, ICAD is a full-fledged community, which includes recreational amenities, malls, medical centers, restaurants, playgrounds, as well as post offices.
