IHC subsidiary acquires 60% stake in Vision Factory and 45% stake in Etihad Towers contractor Decovision as it looks to expand into the indoor design space sector
Emirates Stallion Group (ESG), the UAE-based investment, engineering and construction services business and a subsidiary of International Holding Company (IHC), has said that it has acquired a substantial amount of shares in two UAE indoor spaces design companies as it looks to expand its business further into the indoor spaces design and product manufacturing.
In a statement, ESG said that it has acquired a 60% stake in Vision Factory, a major furniture and joinery production facility in the UAE, and a 45% stake in Decovision, an interior design and engineering services provider.
Founded in 2003, Vision Furniture and Decoration Factory operates out of a 24,000sqm facility in Abu Dhabi and employs more than 550 skilled workers to produce a wide range of furniture products, decorations, panelling, and doors. It has also recently expanded into upholstery production.
Decovision has been in operation for 19 years and has a strong focus on engineering and project execution in the interior design space, the statement added. It has more than 60 engineers and operates a state-of-the-art facility in Mussafah in Abu Dhabi. Some of its major clients include luxury hotels, developers and contractors, as well as high-profile government enterprises in Abu Dhabi.
Some notable projects include: the Presidential Palace, Emirates Palace, Etihad Towers, and Marriot’s The Edition.
Group Chairman Matar Suhail Ali Al Yabhouni Aldhaheri said: “These acquisitions come as part of our effort to continue expanding ESG revenues beyond engineering and construction.”
“The indoor spaces design and product manufacturing will play a significant step in our growth strategy while revolutionising the design experience in the local market,” he stated.
“Given the global supply challenges, domestic products are in higher demand than ever. We see a strategic market growth move with the acquisition of two leading brands, Decovision and Vision Factory, which will create a comprehensive quality solution for designs and furnishings that is inclusive and accessible to the local market,” remarked Aldhaheri.
The two acquisitions mean that Emirates Stallion Group is now active in 12 markets, providing engineering, construction, development and real estate management services, he added.
Established in 2006 and listed on the ADX Growth Market since late 2020, the group has assets worth more than US$136 million.