Dubai-based investment bank Shuaa Capital, which has assets under management worth nearly $14 billion, has acquired a majority stake in UAE-based financial comparison website Souqalmal.
The value of the investment and size of the stake have not been disclosed.
Shuaa joins Souqalmal's existing shareholders Riyad Capital and UK comparison website GoCompare, the company said in a statement on Monday to the Dubai Financial Market, where its shares are traded..
The investment will provide growth capital to Souqalmal, which means "money market" in Arabic, and allow it to execute an ambitious growth plan over the next 24 months, Shuaa said.
The drive to digitalisation of financial services is where the two companies really clicked
Ambareen Musa,
founder and chief executive of Souqalmal
“We believe that Souqalmal and its financial education arm have the ability to empower customers to understand, manage and grow their finances in a better way,” said Fawad Khan, managing director and head of investment banking at Shuaa Capital.
“As Souqalmal strengthens its personal and wealth management offering, Shuaa will be well-positioned to help the company access new pools of capital, products and, more importantly, knowledge.”
The UAE ranked first across the Middle East and North Africa last year in terms of the number of deals and funding, figures compiled by data platform Magnitt show. It found that Emirates-based start-ups raised $1.17 billion across 155 transactions in 2021.
The investment “supports Shuaa’s strategy to increase its digital offerings and enhance personal finance and investment opportunities for the consumer”, the company said.
Souqalmal is developing a personal financial management platform that will include financial education and awareness, the statement added.
Ambareen Musa, who founded Souqalmal in 2012, will continue as chief executive and oversee the expansion of its services.
“This acquisition gives Souqalmal what it needs to now bring the company to the next level,” Ms Musa said.
“The drive to digitalisation of financial services is where the two companies really clicked and this marriage brings resources, talent and the funds we need to take on the under-penetrated financial education industry.”
The Covid-19 pandemic has put employee financial issues in the spotlight and many companies are now trying to formulate plans to help workers bridge their savings gap.
A 2020 survey by Mercer found that 45 per cent of foreign employees in the UAE either had no means of maintaining a decent standard of living in their retirement, or plan to work beyond retirement age to derive enough income for their latter years.
A lack of financial awareness was also an issue among respondents, with 61 per cent saying they had no long-term savings.
Souqalmal launched a corporate financial education initiative for employees last year through its MoneyDoctor Programme, which helps consumers to educate themselves, get instant pre-approval on their credit products, track their spending and grow their wealth on a single platform, according to the statement.
UAE companies such as Majid Al Futtaim, Careem and Emirates Catering now offer the MoneyDoctor programme to their employees.
Earlier this month, Shuaa launched a $100 million initial public offering of the first of its three planned special purpose acquisition companies on the Nasdaq in New York.
The company listed 10 million units of Shuaa Partners Acquisition Corp I at a price of $10 per unit. The Spac started trading under the ticker symbol “SHUAU” on March 2, Shuaa said in a statement to the Dubai Financial Market, where its shares trade.
Meanwhile, Shuaa reported a 68 per cent drop in net profit last year after earnings were dragged down by one-off charges.
The company’s net profit slipped to Dh40m ($10.8m) due to one-off charges of Dh189m related to valuation impairments following the decision to accelerate the restructuring of a legacy, illiquid investment portfolio, it said.
SERIES INFO
Afghanistan v Zimbabwe, Abu Dhabi Sunshine Series
All matches at the Zayed Cricket Stadium, Abu Dhabi
Test series
1st Test: Zimbabwe beat Afghanistan by 10 wickets
2nd Test: Wednesday, 10 March – Sunday, 14 March
Play starts at 9.30am
T20 series
1st T20I: Wednesday, 17 March
2nd T20I: Friday, 19 March
3rd T20I: Saturday, 20 March
TV
Supporters in the UAE can watch the matches on the Rabbithole channel on YouTube
Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
What is graphene?
Graphene is a single layer of carbon atoms arranged like honeycomb.
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment had led to graphene being isolated for the very first time.
At the time, many believed it was impossible for such thin crystalline materials to be stable. But examined under a microscope, the material remained stable, and when tested was found to have incredible properties.
It is many times times stronger than steel, yet incredibly lightweight and flexible. It is electrically and thermally conductive but also transparent. The world's first 2D material, it is one million times thinner than the diameter of a single human hair.
But the 'sticky tape' method would not work on an industrial scale. Since then, scientists have been working on manufacturing graphene, to make use of its incredible properties.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. Their discovery meant physicists could study a new class of two-dimensional materials with unique properties.
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
MATCH INFO
Rugby World Cup (all times UAE)
Final: England v South Africa, Saturday, 1pm
FA%20Cup%20semi-final%20draw
%3Cp%3ECoventry%20City%20v%20Manchester%20United%C2%A0%3C%2Fp%3E%0A%3Cp%3EManchester%20City%20v%20Chelsea%3C%2Fp%3E%0A%3Cp%3E-%20Games%20to%20be%20played%20at%20Wembley%20Stadium%20on%20weekend%20of%20April%2020%2F21.%C2%A0%3C%2Fp%3E%0A
What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FLIP5
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COMPANY%20PROFILE
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How to donate
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
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Get Out
Director: Jordan Peele
Stars: Daniel Kaluuya, Allison Williams, Catherine Keener, Bradley Whitford
Four stars
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
