ESG leases out land to Spox Investments

Emirates Stallions Group (ESG) subsidiary Afkar Financial and Property Investments inked an AED 540 mn, 33-year musataha agreement with real estate investment firm Spox Investments to develop 16 land plots in Abu Dhabi, according to a pressrelease (pdf). The sites are located across Shahama, Shamkha, and Mohamed bin Zayed City and will continue to be owned by Afkar. The move allows ESG to monetize underutilized land assets without divesting, the release says.

KSA’s BinDawood acquires stake in Dubai’s Wonder Bakery

Saudi retailer and hypermarket chain Bindawood Holdings inked a share purchase agreement to acquire a 51% stake in Dubai-based Wonder Bakery for AED 96.9 mn (SAR 99 mn), it said in a filing to the bourse yesterday.

About Wonder Bakery: Established in 2014, Wonder Bakery produces up to 50k tons of bakery and kitchen products annually, serving GCC countries like Qatar, Bahrain, and Kuwait.

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