Abu Dhabi – Mubasher: Afkar Financial Property Investments, a subsidiary of Emirates Stallions Group (ESG), has entered into a landmark AED 540 million deal with Spox Investments.
Under the 33-year Musataha agreement, Afkar will lease the long-term development rights to Spox Investments, while retaining full ownership of the land, according to a press release.
The partnership aims at transforming 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.
This aligns with ESG’s commitment to enhancing its asset base and boosting efficiency through well-structured opportunities that deliver long-term and sustainable returns.
It reaffirms the ADX-listed group’s focus on converting underutilized assets into income-generating investments that strengthen financial resilience while supporting Abu Dhabi’s urban development and economic diversification.
Mohamed Juma Al Shamsi, Chairman of Spox Investments, said: “The planned developments will enhance local communities and support Abu Dhabi’s growth objectives through modern and sustainable real estate projects.”
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.”
He added: “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.”
Last June, the group’s unit Royal Development Holding and SAAS Properties launched AED 1.60 billion project.
