Dubai-based investment bank Shuaa Capital aims to grow its insurance assets under management to $500 million in the next three years as it continues to focus on expansion through new products and other offerings.
The company currently manages insurance assets worth $136m, it said in a statement on Tuesday to the Dubai Financial Market, where its shares are traded.
"Insurance, both conventional and takaful, is a strong recurring income segment of Shuaa's asset management business despite low margins and, as such, we are focused on strategically growing our insurance assets under management,” said Ajit Joshi, managing director and head of public and private markets at Shuaa Capital.
The Dubai-based company is also investing “significantly” to expand its team and hired a portfolio manager with experience in global equities this year.
“This is in line with our strategy to expand our range of products and services with the right capabilities to meet the changing needs of our clients while identifying long-term value creation opportunities for them.”
Shuaa is investing in insurance companies through its Goldilocks fund, which is regulated by the Abu Dhabi Global Market’s Financial Services Regulatory Authority.
Over the past three years, the company has managed the equity and debt portfolios of five major insurance companies through its managed funds and discretionary portfolios, it said.
Shuaa Capital merged with the Abu Dhabi Financial Group two years ago to create a business with both an asset management and investment banking platform that offers diversified revenue streams across different countries.
The company also plans to set up three special purpose acquisition companies, or Spacs, with a capital of $200m each as it looks to tap into the growing market for blank-cheque companies.
The company, which has assets under management worth $14 billion, led the funding round for music-streaming service Anghami late last year.
Earlier this year, Shuaa's chief executive Jassim Alseddiqi increased his stake in the investment bank and now controls more than a quarter of the company.
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Jurassic%20Park
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Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
COMPANY PROFILE
Name: Rain Management
Year started: 2017
Based: Bahrain
Employees: 100-120
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Ship name: MSC Bellissima
Ship class: Meraviglia Class
Delivery date: February 27, 2019
Gross tonnage: 171,598 GT
Passenger capacity: 5,686
Crew members: 1,536
Number of cabins: 2,217
Length: 315.3 metres
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Difference between fractional ownership and timeshare
Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.
COMPANY%20PROFILE
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