ABU DHABI (ALETIHAD)
Emirates Stallions Group has announced that its subsidiary, Afkar Financial Property Investments, has entered into a Dh540 million, 33-year Musataha agreement with Spox Investments for the development of 16 land plots across key districts in Abu Dhabi.
In a press release, Emirates Stallions Group said the agreement will allow Afkar to lease long-term development rights to Spox Investments while retaining full ownership of the land. The arrangement is intended to unlock long-term recurring revenue from the assets while maintaining ownership.
The agreement covers 16 plots owned by Afkar in Shahama, Shamkha, Mohammed Bin Zayed City and Shakhbout City, which are located within Abu Dhabi’s key development corridors. The plots will be developed into projects aimed at supporting surrounding communities, enhancing local infrastructure and contributing to the emirate’s urban expansion and long-term growth agenda, the company said.
Commenting on the agreement, Abdulla Al Qasimi, Chief Executive Officer and 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.”
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.”
Matar Suhail Al Yabhouni Al Dhaheri, Chairman of Emirates Stallions Group, added: “This agreement clearly reflects ESG’s strategy to optimise its diversified asset base, generate sustainable recurring income stream, and deliver enduring value for shareholders. Afkar’s initiative to utilise idle lands in a financially efficient and future-focused way reinforces our Group’s commitment to resilient, long-term growth.”
The group said the initiative underscores its focus on converting underutilised assets into income-generating investments, strengthening financial resilience while supporting Abu Dhabi’s urban development, economic diversification and investment attractiveness.
Emirates Stallions Group is a subsidiary of International Holding Company and operates across manpower and accommodation, real estate, design and manufacturing, landscaping and agriculture. As of September 30, 2025, the group reported total assets of Dh3.93 billion.