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UAE investment banking firm Shuaa Capital has appointed a new chief executive officer for its real estate portfolio, as it seeks to drive further growth in the sector.
Walid El-Hindi will be responsible for managing the company’s real estate portfolio and activities across the value chain and multiple markets, the company which has more than $11 billion in assets under management and development, Shuaa Capital said on Wednesday.
The company posted a 168 percent increase in net profits to 125 million dirhams ($34 million) for 2020. Shuaa, along with Arton Capital, recently launched a real estate investment fund targeting investors interested in second citizenship.
The fund looks to attract foreign investment into markets such as the small European state of Montenegro and satisfy the growing demand for second residency and citizenship programmes, the company said earlier.
New chief executive
Shuaa’s new CEO of real estate had previously worked as chief development officer for Emaar Misr and managed an international portfolio of developments with a value of more than $12 billion.
He had also spent five years as CEO of IMKAN Properties, where he was responsible for building a portfolio of developments now valued at more than 100 billion dirhams and comprising 26 projects across six countries.
He started out in his career as an architect and real estate developer in the United States, where he also taught architecture as an adjunct faculty member of the University of Minnesota.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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