Shuaa Capital’s plans to acquire Kuwait’s Amwal International Investment Company moved one step forward after Amwal shareholders, who collectively own a 70.9 per cent share, agreed to sell their stake.
Dubai's Shuaa Capital will hold 87.22 per cent of Amwal after the acquisition is completed, the investment company said in a statement to the Dubai Financial Market on Sunday. The transaction is pending confirmation from Kuwait’s regulatory authorities.
“Such numbers remain subject to the final review from the Kuwait Clearing Company and confirmation from the Capital Markets Authority in Kuwait,” the company said.
Shuaa, once among the region's top investment banks before the global financial crisis hit a decade ago, shrunk its operations as a result of the crunch but recently said it wants to use acquisitions to resume growth. As a three-year low in oil prices slowed Arabian Gulf economies, big mergers and acquisitions, rather than organic growth, have been one way for companies to take investment banking opportunities as companies consolidate and regional governments issue debt or sell assets.
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Read more:
Shuaa swings to profit in fourth quarter thanks to turnaround strategy
Shuaa Capital confirms talks to acquire extra shares in Kuwait's Amwal
Shuaa abandons talks to acquire Global stake
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In January, Shuaa said it was negotiating an initial agreement to acquire Amwal after buying an 8 per cent stake in the Kuwaiti investment bank last year.
Shuaa has been in expansion mode since returning to profitability in 2017. Shuaa Capital, which counts Abu Dhabi Financial Group as its biggest shareholder, said last month it is seeking a license to add investment and initial public offering management in the UAE to its list of services. ADFG said its strategy to revive Shuaa would focus on growing its assets under management, leveraging its balance sheet and increasing its business in Saudi Arabia and Egypt.
Shuaa had previously looked to invest in Kuwaiti bank Global Investment House and Bahrain's GFH, but both attempts were abandoned last year.
The company is gearing up to distribute its first dividend in a decade following a 21 per cent year-on-year increase in second-quarter net income, boosted by strong growth in its Saudi Arabia and Egypt operations.
BACK%20TO%20ALEXANDRIA
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The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
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MATCH INFO
Barcelona 4 (Messi 23' pen, 45 1', 48', Busquets 85')
Celta Vigo 1 (Olaza 42')
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
LA LIGA FIXTURES
Friday
Granada v Real Betis (9.30pm)
Valencia v Levante (midnight)
Saturday
Espanyol v Alaves (4pm)
Celta Vigo v Villarreal (7pm)
Leganes v Real Valladolid (9.30pm)
Mallorca v Barcelona (midnight)
Sunday
Atletic Bilbao v Atletico Madrid (4pm)
Real Madrid v Eibar (9.30pm)
Real Sociedad v Osasuna (midnight)
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Tottenham's 10 biggest transfers (according to transfermarkt.com):
1). Moussa Sissokho - Newcastle United - £30 million (Dh143m): Flop
2). Roberto Soldado - Valencia - £25m: Flop
3). Erik Lamela - Roma - £25m: Jury still out
4). Son Heung-min - Bayer Leverkusen - £25m: Success
5). Darren Bent - Charlton Athletic - £21m: Flop
6). Vincent Janssen - AZ Alkmaar - £18m: Flop
7). David Bentley - Blackburn Rovers - £18m: Flop
8). Luka Modric - Dynamo Zagreb - £17m: Success
9). Paulinho - Corinthians - £16m: Flop
10). Mousa Dembele - Fulham - £16m: Success
Dengue%20fever%20symptoms
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