Emirates Stallion Group (ESG), a subsidiary of UAE-based International Holding Company (IHC), has acquired 70 percent of WFC Holding, Abu Dhabi’s technology, data-driven and outsourcing company specialized in Business Process Outsourcing (BPO) and Manpower Outsourcing (MPO).
The acquisition of Workforce Holding comes as part of ESG’s effort to diversify into new areas that complement its mainstream construction and real estate business, and to take advantage of the growing demand for manpower outsourcing services in the UAE market.
WFC Holding, through its subsidiaries Workforce Connexion, Integrated Business Centre, Corporate Solutions Consultants, and Multi-Serve Typing, offers its clients complete end-to-end support services across multiple sectors and industries.
Matar Suhail Al Yabhouni Al Dhaheri Chairman – ESG
“This acquisition will allow us to expand, manage and control our client’s manpower operations better and will allow us to expand our business into other relevant areas to meet the growing demand for UAE manpower services. With ESG owing 70 percent of WFC Holding, we are confident this is going to boost their growth plan and help them reinforce their existing capabilities in permanent hiring, managed business solutions, Cross Border, Contract staffing and complex workforce management solutions.”
Last year, WFC Holding’s revenue grew significantly to $110 million from $24 million in 2019, a jump of 350 percent. This helped to drive net profit higher by 150 percent to $4 million as compared to $1.6 million in 2019. WFC’s main revenue drivers are its 10 business verticals, which include, real estate, retail, aerospace, defense, government, education, technology, manufacturing, hospitality, and F&B.
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 $151 million as of the end of the second quarter of 2021.
