ABU DHABI, 9th October, 2023 (WAM) — Emirates Stallions Group (ADX: ESG), the global investment, engineering, and construction services company, a prominent business unit of the International Holding Company (ADX: IHC), the global diversified Abu Dhabi-based conglomerate, today announced the launch of its hospitality business arm, ESG Hospitality. This strategic expansion underscores ESG’s commitment to business growth, positive investor impact, and its ambition to further cement its position in the hospitality sector.With the vision to emerge as a frontrunner and influential player in both the regional and global hospitality arena, ESG is poised to leverage the UAE, its home base, as the launchpad for its most luxurious and prestigious projects. The company’s ambitious plans include unveiling a significant hospitality project in the UAE before the close of the year, further showcasing its commitment to innovation and excellence in the sector.Matar Suhail Ali Al Yabhouni Aldhaheri, Chairman of ESG, stated
, “The introduction of ESG Hospitality is a strategic move aligned with our broader vision to tap into the burgeoning global hospitality market. The Middle East contributes 5 percent to the global GDP from tourism, showcasing the region’s potential, particularly in the UAE where the hospitality market is among the richest in the world.”The UAE’s hospitality market, recognised as one of the most affluent globally, is poised for a 25 percent growth by 2030, with the anticipation of welcoming 40 million hotel guests by 2031. Amid this dynamic growth, ESG’s decision to expand its hospitality wing comes at an opportune time. The company has consistently been approached to augment its market presence, given its successful track record in delivering destinations like Mexico, Morocco, Greece, Serbia, Belarus, Mauritius, Kazakhstan and the UAE with a total value exceeding AED 3.67 billion (USD 1 billion).Kayed Khorma, CEO of ESG, commented,” We are continuing to expand our capabilities and influence across various bus
iness verticals, both regionally and globally. This expansion enables the company to achieve more growth and deliver added value to our shareholders. We are also maintaining a strong position of interest among external investors, thanks to our outstanding results in the first half of this year.” With its diversified portfolio in Investment, Construction, and Real Estate sectors, ESG has consistently delivered exceptional products and services across more than 20 countries. This strategic leap into hospitality aims to further ESG’s vision of building a resilient future, aligning with the UAE’s ambitious Tourism Strategy 2031. This strategy envisions elevating the tourism sector’s contribution to the GDP to a staggering AED 450 billion, reinforcing the UAE’s stature as a global tourism epicentre.”The UAE is one of the world’s fastest-growing economies and live entertainment markets, hosting major global events. We are eagerly looking forward to launching the first international luxury project under ESG Hospital
ity in Dubai, by year-end,” Khorma added. The move not only underscores the group’s commitment to excellence and innovation, but also promises to be a pivotal chapter in its ongoing growth trajectory, one where the group not only taps into the thriving hospitality market, but also aims to redefine industry standards, ensuring they continue to deliver unparalleled value to their stakeholders and the broader community.
Source: Emirates News Agency