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.
UAE currency: the story behind the money in your pockets
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The years Ramadan fell in May
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
FIGHT CARD
Fights start from 6pm Friday, January 31
Catchweight 82kg
Piotr Kuberski (POL) v Ahmed Saeb (IRQ)
Women’s bantamweight
Cornelia Holm (SWE) v Corinne Laframboise (CAN)
Welterweight
Omar Hussein (JOR) v Vitalii Stoian (UKR)
Welterweight
Josh Togo (LEB) v Ali Dyusenov (UZB)
Flyweight
Isaac Pimentel (BRA) v Delfin Nawen (PHI)
Catchweight 80kg
Seb Eubank (GBR) v Mohamed El Mokadem (EGY)
Lightweight
Mohammad Yahya (UAE) v Ramadan Noaman (EGY)
Lightweight
Alan Omer (GER) v Reydon Romero (PHI)
Welterweight
Ahmed Labban (LEB) v Juho Valamaa (FIN)
Featherweight
Elias Boudegzdame (ALG) v Austin Arnett (USA)
Super heavyweight
Roman Wehbe (LEB) v Maciej Sosnowski (POL)
The specs
A4 35 TFSI
Engine: 2.0-litre, four-cylinder
Transmission: seven-speed S-tronic automatic
Power: 150bhp
Torque: 270Nm
Price: Dh150,000 (estimate)
On sale: First Q 2020
A4 S4 TDI
Engine: 3.0-litre V6 turbo diesel
Transmission: eight-speed PDK automatic
Power: 350bhp
Torque: 700Nm
Price: Dh165,000 (estimate)
On sale: First Q 2020
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Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
More from Neighbourhood Watch:
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
