Dubai’s Shuaa Capital has completed the sale of its securities and market-making businesses.
The company is implementing its non-core exit strategy to focus on expanding the group's asset management and investment banking platform, it said in a statement.
On January 15, 2020, Shuaa Capital had announced a deal to sell its equities market-making business to Al Ramz Corporation Investment & Development.
Earlier, on September 8, 2019, it sold its Shuaa Securities brokerage unit in the UAE to IHC RSC, a subsidiary of International Holdings Company. Both transactions were completed under the terms of an all-cash deal with a total deal value of close to 100 million UAE dirhams ($27.2 million) .
(Writing by Gerard Aoun; Editing by Mily Chakrabarty)
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