Shuaa Capital to boost foothold in Saudi Arabia, Kuwait, Egypt

Partnership with JODC is aimed at locating investment opportunities in the Saudi real estate market

CEO of Shuaa Capital, Fawad Khan. Image used for illustrative purpose.

CEO of Shuaa Capital, Fawad Khan. Image used for illustrative purpose.

Shuaa Capital

Dubai: Shuaa Capital is seeking to collaborate with Saudi Arabia’s Jabal Omar Development Company (JODC) to launch real estate investment trusts (REITs) in a bid to develop a slew of real estate projects in Mecca.

The partnership with JODC is aimed at locating investment opportunities in the Saudi real estate market, Shuaa’s CEO Tariq Khan told Mubasher.

Both the memoranda of understanding (MoU) signed with JODC and the UAE National Bonds Corporation (NBC) have represented a major step in Shuaa’s endeavours to bolster its presence across the Arab world's biggest economy, Khan added.

The Saudi market is so important and full of growth potentials and opportunities, given the kingdom’s efforts to diversify the economy and privatise many sectors, the top official remarked.

Khan stressed that his company is looking forward to firming its foothold in the GCC country through its units, Shuaa Capital Saudi Arabia (SCSA) and Gulf Finance Saudi Arabia.

As for the authorisation of launching five or six initial public offerings (IPOs), the CEO said that Shuaa is mulling new IPOs in Saudi Arabia after the approval of the country’s Capital Markets Authority.

In GCC Scale

Shuaa is about to enter the Kuwaiti market following the fulfillment of a raft of legal requirements, Khan stated.

The Dubai-listed investment bank is also studying the Bahraini market and planning to increase its portfolio there, he noted.

With regard to the cancellation of Shuaa brokerage licence in April, Khan revealed that this decision was based on a request submitted by the company in order to complete the legal procedures required for the acquisition of Integrated Securities Company and Integrated Capital Company.

Following the acquisition of the two companies, Shuaa’s managed assets have reached AED 4.5 billion, Khan announced.

In Egypt

Shuaa’s pursuit of geographical either through acquisitions or strategic partnerships reflects its eagerness for fresh opportunities despite the challenges any company could face in the Middle East, the top official uttered.

Our successful presence in Egypt, the Arab world's most populous country, is a perfect manifestation of such pursuit, he concluded.

Early in July, Khan stated that Shuaa’s unit is now ranked eighth among the biggest brokerages in the North African country, according to a survey conducted by the Egyptian Exchange (EGX).

Translated by: Muhammad Khalid

Source: Mubasher Exclusive

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