Dubai investment banking and asset management company Shuaa Capital plans to launch two Sharia-compliant funds in the first half of this year as it diversifies its business and expands its asset portfolio.
The new funds will be managed by Shuaa GMC under the umbrella of Shuaa's Incorporated Cell Company (ICC) fund structure, domiciled within the Abu Dhabi Global Market.
One of the funds will be set up in the first quarter of the year, with a focus on Saudi Arabia and the GCC, Shuaa Capital said on Monday in a filing to the Dubai Financial Market, where its shares are traded.
The company is also looking to launch a dedicated Sharia-compliant money market fund in the second quarter, it said.
Following the launch of the new funds, Shuaa expects assets managed by the product platform to exceed $400 million.
The company also reported that its assets under management on the ICC platform grew by 210 per cent over the past two years, increasing to more than $230 million in 2022 “despite challenging market conditions”.
“Our funds have significantly outperformed their composite benchmarks and peers despite market headwinds,” said Ajit Joshi, managing director and head of public and private markets at Shuaa Capital.
“The challenging global macroeconomic backdrop only confirms the effectiveness of our disciplined investment call and identification of investor needs for Sharia-compliant investments across prime geographies and regions.”
Shuaa established the ICC fund structure in ADGM in November 2020 to diversify its offerings, and has since launched five funds.
They include the Nujoom Aggressive Fund that invests mainly in regional and global equities and the Nujoom Balanced Fund that invests equally in equities and fixed income.
In December, it launched three funds including the Global Sukuk Fund that invests in global sukuk, Murabaha, Ijarah and other Sharia-compliant instruments, the Global Equity Fund, which invests in Sharia-compliant global equities, with a focus on “high-quality, high-growth businesses that it believes are currently undervalued”, and the North American Fund, which is focused on equities in the US, invests across most sectors in the country.
The expansion of the ICC fund offering is in line with Shuaa's strategy to diversify and grow its recurring fee income base, it said.
“The new funds will expand the choices available to institutional investors, high-net-worth individuals and corporate investors, and will provide additional investment opportunities to diversify their investments across geographies and asset classes,” the company said.
Shuaa has made several key transactions in recent quarters. They include the listing of Anghami, the first Arab technology company on Nasdaq, through a special purpose acquisition company, as well as the management of a $50 million structured sukuk for UAE agriculture technology company Pure Harvest Smart Farms.
The transactions also include its managed fund's acquisition of Stanford Marine and Allianz Marine and Logistics Services Holding to create the world's fourth-largest operator of offshore support vessels.
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Tuesday - 5.15pm: Team Lebanon v Alger Corsaires; 8.30pm: Abu Dhabi Storms v Pharaohs
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UAE v United States, T20 International Series
Both matches at ICC Academy, Dubai. Admission is free.
1st match: Friday, 2pm
2nd match: Saturday, 2pm
UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Rameez Shahzad, Amjad Gul, CP Rizwan, Mohammed Boota, Abdul Shakoor, Ahmed Raza, Imran Haider, Sultan Ahmed, Zahoor Khan, Amir Hayat
USA squad: Saurabh Netravalkar (captain), Jaskaran Malhotra, Elmore Hutchinson, Aaron Jones, Nosthush Kenjige, Ali Khan, Jannisar Khan, Xavier Marshall, Monank Patel, Timil Patel, Roy Silva, Jessy Singh, Steven Taylor, Hayden Walsh
Full Party in the Park line-up
2pm – Andreah
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4.30pm – The Boxtones
5.30pm – Lighthouse Family
7pm – Step On DJs
8pm – Richard Ashcroft
9.30pm – Chris Wright
10pm – Fatboy Slim
11pm – Hollaphonic
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1: Commit to countering all types of terrorism and extremism in all their manifestations
2: Denounce violence and the rhetoric of hatred
3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC
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The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.
The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.
He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.
He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.
He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
ZIMBABWE V UAE, ODI SERIES
All matches at the Harare Sports Club:
1st ODI, Wednesday - Zimbabwe won by 7 wickets
2nd ODI, Friday, April 12
3rd ODI, Sunday, April 14
4th ODI, Tuesday, April 16
UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed
