Dubai investment banking firm Shuaa Capital launched a $200 million fund, further expanding its asset management platform and product offering to investors.
The fund targeting special situations across Gulf countries has already attracted a total of $68m in commitments from investors, Shuaa said in a statement on Sunday to the Dubai Financial Market, where its shares trade.
Shuaa Financing Opportunities Fund is the fourth investment vehicle rolled out by the company this year. The asset management firm has raised more than $140m in the past three months from investors, it said.
The latest fund is Shuaa’s first dedicated financing vehicle. The closed-ended fund with a four-year tenor will target investments in senior, mezzanine and uni-tranche Sharia-compliant financing for corporates and developers operating in the GCC.
"Against the backdrop of a changing regulatory and business environment, several project deals and assets in liquidity-hit sectors are unable to progress or fulfil certain obligations, particularly due to the challenges posed by Covid-19,” Jassim Alseddiqi, chief executive of Shuaa, said.
“Despite the challenging market conditions for borrowers, Shuaa believes that there are attractive opportunities in the GCC market that will generate appropriate risk-adjusted returns for its investors, in key sectors including healthcare, real estate, hospitality, construction and shipping.”
Opportunities in the current market environment include requirements for short-term recapitalisations, growth capital, bridge loans and acquisition financing, he said.
The company’s investment team has already identified several opportunities in the region to provide last-mile funding for projects.
“We look forward to jump-starting these key projects towards their successful completion and continuing to support their future goals as our economy moves into a recovery phase," Mr Alseddiqi said.
Earlier this month, Shuaa launched three Sharia-compliant, open-ended funds with initial investment commitments of $75m. The funds, targeting qualified institutional investors, were launched through the company's wholly owned subsidiary, Shuaa GMC, which is regulated by the ADGM Financial Services Regulatory Authority, it said in a statement at the time.
The three funds – Shuaa High Yield Sukuk Fund, Nujoom Aggressive Fund and Nujoom Balanced Fund – are part of Shuaa’s platform rolled out in Abu Dhabi’s international financial hub.
Shuaa manages $13 billion in assets and plans to expand its investment banking and asset management businesses to boost AUMS to $20bn.
The company’s expansion strategy involves growing its regional footprint as it looks to boost recurring income through new products, permanent capital vehicles and expanding its fixed income business, Shuaa said in March.
The specs: 2019 Mercedes-Benz GLE
Price, base / as tested Dh274,000 (estimate)
Engine 3.0-litre inline six-cylinder
Gearbox Nine-speed automatic
Power 245hp @ 4,200rpm
Torque 500Nm @ 1,600rpm
Fuel economy, combined 6.4L / 100km
Russia's Muslim Heartlands
Dominic Rubin, Oxford
Yuki Means Happiness
Alison Jean Lester
John Murray
MATCH INFO
Uefa Champions League semi-final, second leg
Roma 4
Milner (15' OG), Dzeko (52'), Nainggolan (86', 90 4')
Liverpool 2
Mane (9'), Wijnaldum (25')
The Breadwinner
Director: Nora Twomey
Starring: Saara Chaudry, Soma Chhaya, Laara Sadiq
Three stars
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
THURSDAY'S FIXTURES
4pm Maratha Arabians v Northern Warriors
6.15pm Deccan Gladiators v Pune Devils
8.30pm Delhi Bulls v Bangla Tigers
Ibrahim's play list
Completed an electrical diploma at the Adnoc Technical Institute
Works as a public relations officer with Adnoc
Apart from the piano, he plays the accordion, oud and guitar
His favourite composer is Johann Sebastian Bach
Also enjoys listening to Mozart
Likes all genres of music including Arabic music and jazz
Enjoys rock groups Scorpions and Metallica
Other musicians he likes are Syrian-American pianist Malek Jandali and Lebanese oud player Rabih Abou Khalil
Directed: Smeep Kang
Produced: Soham Rockstar Entertainment; SKE Production
Cast: Rishi Kapoor, Jimmy Sheirgill, Sunny Singh, Omkar Kapoor, Rajesh Sharma
Rating: Two out of five stars
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The Uefa Awards winners
Uefa Men's Player of the Year: Virgil van Dijk (Liverpool)
Uefa Women's Player of the Year: Lucy Bronze (Lyon)
Best players of the 2018/19 Uefa Champions League
Goalkeeper: Alisson (Liverpool)
Defender: Virgil van Dijk (Liverpool)
Midfielder: Frenkie de Jong (Ajax)
Forward: Lionel Messi (Barcelona)
Uefa President's Award: Eric Cantona
The%20specs
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RESULTS FOR STAGE 4
Stage 4 Dubai to Hatta, 197 km, Road race.
Overall leader Primoz Roglic SLO (Team Jumbo - Visma)
Stage winners: 1. Caleb Ewan AUS (Lotto - Soudal) 2. Matteo Moschetti ITA (Trek - Segafredo) 3. Primoz Roglic SLO (Team Jumbo - Visma)
MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
MATCH INFO
World Cup 2022 qualifier
UAE v Indonesia, Thursday, 8pm
Venue: Al Maktoum Stadium, Dubai
Kandahar%20
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What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Scores in brief:
- New Medical Centre 129-5 in 17 overs bt Zayed Cricket Academy 125-6 in 20 overs.
- William Hare Abu Dhabi Gymkhana 188-8 in 20 overs bt One Stop Tourism 184-8 in 20 overs
- Alubond Tigers 138-7 in 20 overs bt United Bank Limited 132-7 in 20 overs
- Multiplex 142-6 in 17 overs bt Xconcepts Automobili 140 all out in 20 overs
Company profile
Name: Infinite8
Based: Dubai
Launch year: 2017
Number of employees: 90
Sector: Online gaming industry
Funding: $1.2m from a UAE angel investor
