UAE's Shuaa Capital looks to new products, hiring as Q1 net profit hits jumps

Asset manager said it will continue winding down of non-core assets unit

  
SHUAA Capital psc is the leading asset management and investment banking platform in the region. Image Courtesy: WAM

SHUAA Capital psc is the leading asset management and investment banking platform in the region. Image Courtesy: WAM

Dubai-based Shuaa Capital said it has a healthy pipeline of deals and new products lined up for the second quarter of 2021 and it has begun hiring for positions to support its activities.

The asset management firm made a Q1 2021 net profit of 25 million dirhams swinging from 262 million dirhams net loss in the year-earlier period. Operating income more than doubled year-on-year to 45 million dirhams in Q1 2021 from 19 million dirhams in the prior period. Shuaa Capital said both registered 10-year highs.

For the current quarter, Shuaa is looking to develop its activities in the tech and Islamic investment space, with new fund launches being planned.

Jassim Alseddiqi, group CEO of Shuaa said: “Our focus now shifts onto growth and transformation with significant hiring across the platform, new product launches and differentiated value propositions for our clients.”

Shuaa also said it will continue to focus on its strategic objective of optimizing operations, including winding down its non-core assets unit.

Last week the asset manager divested its 20 percent equity stake in Mirfa International Power and Water Company (MIPCO), to Japanese group Sojitz Corporation (Sojitz). It didn’t reveal a value for the deal.

(Writing by Brinda Darasha; editing by Seban Scaria)

brinda.darasha@refinitiv.com

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© ZAWYA 2021

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