Emirates Stallions Group, a diversified investment engineering and construction services unit of International Holding Company (IHC), said it has acquired 70% of WFC Holding, a UAE leading technology, data-driven and outsourcing company specialised in Business Process Outsourcing (BPO) and Manpower Outsourcing (MPO).
A business dedicated to construction, development, and management of real estate, Emirates Stallions Group is listed at Abu Dhabi Exchange.
WFC Holding, through its subsidiaries Workforce Connexion, Integrated Business Centre, Corporate Solutions Consultants, and Multi-Serve Typing, provides clients with complete end-to-end support services across multiple sectors and industries.
The acquisition of Workforce Holding comes as part of Emirates Stallions Group effort to diversify into new areas that complements its mainstream construction and real estate business, and to take advantage of the growing demand for manpower outsourcing services in the UAE market.
On the strategic deal, Chairman Matar Suhail Al Yabhouni Al Dhaheri, said: "This will allow us to expand, manage and control our client’s manpower operations better and will enter into other relevant areas to meet the growing demand for UAE manpower services."
"With ESG owning 70% of WFC Holding, we are confident this is going to boost the Emirati firm's growth plan and help them reinforce their existing capabilities in permanent hiring, managed business solutions, Cross Border, Contract staffing and complex workforce management solutions," he added.
In 2020, WFC Holding’s revenue grew significantly to AED405 million from AED90 million the previous year, a jump of 350%. This helped to drive net profit higher by 150% to AED15 million as compared to AED6 million in 2019.
WFC’s main revenue drivers are its 10 business verticals - Real Estate, Retail, Aerospace, Defense, Government, Education, Technology, Manufacturing, Hospitality, and F&B, it stated.
Established in 2008, Emirates Stallions Group has grown rapidly as a business dedicated to construction, development, and management of real estate, as well as being a service provider.
The company, which is present in 20 markets, has assets of AED 555 million as of the end of Q2 2021 and over 3000 employees.