IHC’s Emirates Stallions Group acquires majority stake in UIG

IHC’s Emirates Stallions Group acquires majority stake in UIG

Abu Dhabi-listed Emirates Stallions Group (ESG), owned by International Holding Company (IHC), has acquired a majority stake in staffing provider United International Group (UIG) to capitalise on the growing manpower market in the region.

The acquisition is expected to enhance the group’s manpower portfolio and is part of the plan to deploy more than 30,000 skilled professionals to various sectors by the end of 2024, the company said in a statement on the Abu Dhabi Securities Exchange (ADX).

“The manpower market has witnessed positive growth over the past three years. We are keen on capitalising on this trend and exploring opportunities to expand our manpower services in some GCC countries,” said Kayed Khorma, CEO of ESG.

ESG did not disclose the value of the acquisition, or the percentage of shares acquired from UIG.

UIG provides labour and manpower solutions to businesses in the Gulf region, including restaurants, hotels and real estate firms, according to its website.

(Writing by Cleofe Maceda; editing by Seban Scaria) [email protected]

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