Emirates Stallions Group secures AED 540 million lease agreement for real estate development across Abu DhabiESG subsidiary Afkar signs an AED 540 million, 33-year Musataha agreement with Spox Investments to develop 16 strategically located plots across k

Emirates Stallions Group secures AED 540 million lease agreement for real estate development across Abu DhabiESG subsidiary Afkar signs an AED 540 million, 33-year Musataha agreement with Spox Investments to develop 16 strategically located plots across key Abu Dhabi districts. The deal unlocks long-term recurring revenue while maintaining full land ownership.Projects will support Abu Dhabi’s urban expansion, delivering community-enhancing real estate and strengthening local infrastructure.Abu Dhabi, UAE, 26 December 2025: Emirates Stallions Group (ADX: ESG), the leading conglomerate with operations spanning from Workforce Solutions, Real Estate Development, Design & Interiors Manufacturing to Agriculture & Landscaping, and a subsidiary of IHC (ADX: IHC), today announced that its subsidiary Afkar Financial Property Investments LLC has entered into a landmark AED 540 million, 33-year Musataha agreement with Spox Investments, a leading UAE real estate investment company. Under this Musataha agreement, Afkar will lease the long-term development rights to Spox Investments, while retaining full ownership of the land, enabling the transformation of underutilized plots into productive, value-generating assets.The agreement covers 16 prime land plots owned by Afkar in Shahama, Shamkha, Mohammed Bin Zayed City, and Shakhbout City, all strategically located within Abu Dhabi’s key development corridors, to be developed into high-quality projects that support surrounding communities and enhance local infrastructure, contributing to Abu Dhabi’s urban expansion and aligning with the emirate’s long-term growth agenda.Abdulla Al Qasimi, CEO & Managing Director of Afkar, said: “This Musataha agreement marks a significant milestone for Afkar, allowing us to generate stable, long-term income from our land portfolio while maintaining ownership. It also reflects our commitment to sustainable value creation and responsible asset management that contributes to Abu Dhabi’s continued development.”H.E. Mohamed Juma Al Shamsi, Chairman of Spox Investments, said: “We are pleased to enter into this long-term agreement with Afkar. The planned developments will enhance local communities and support Abu Dhabi’s growth objectives through modern and sustainable real estate projects.”H.E. Matar Suhail Al Yabhouni Al Dhaheri, Chairman of ESG, added: “This agreement clearly reflects ESG’s strategy to optimize its diversified asset base, generate sustainable recurring income stream, and deliver enduring value for shareholders. Afkar’s initiative to utilize idle lands in a financially efficient and future-focused way reinforces our Group’s commitment to resilient, long-term growth.”This initiative reflects ESG’s commitment to optimizing its asset base and enhancing efficiency through well-structured opportunities that deliver long-term, sustainable returns. It reaffirms the Group’s focus on converting underutilized assets into income-generating investments that strengthen financial resilience while supporting Abu Dhabi’s urban development, economic diversification, and continued investment attractiveness.