Under the terms of the acquisition, personnel and market-making activities will be transferred to Al Ramz Corporation, according to a press release on Thursday.
Commenting on the transaction, managing director of Al Ramz Corporation, Mohammad Al Mortada Al Dandashi, commented, “Market making is a core business in our strategy which we continue to develop and grow. For over two decades now, Al Ramz has played an integral role in developing the UAE financial markets, contributing to the market’s liquidity, efficiency and appeal to investors.”
In the meantime, deputy CEO and group head of asset management of Shuaa Capital, Mustafa Kheriba, concluded, “The sale of the equities market?making business to Al Ramz is in line with our post?merger strategy to realign efforts on Shuaa’s capital efficient businesses and exit non-core businesses so we can further grow and expand the group’s Asset Management and Investment Banking platform.”
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