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Shuaa 'hopeful' over postponed fund
Shuaa Asset Management - a subsidiary of Shuaa Capital, the Dubai investment bank accused of share price manipulation - has said that the launch of its 'Arab Asia Gateway' fund has been 'postponed' rather than abandoned.
Shuaa Asset Management was set to launch the fund - which was designed to offer investment opportunities in the Middle East and Asia - last September.
After much hype however, the fund was postponed.
But following a story in this week's Arabian Business magazine, Shuaa Asset Management has issued an updated statement regarding the fund.
The statement claims that "unfavourable market conditions" were behind the fact that its 'Arab Asia Gateway' fund was "postponed" late last year.
Haissam Arabi, managing director of Shuaa Asset Management, insisted that the investment vehicle could be resurrected in the future.
Speaking to Arabian Business, Arabi said: "The Arab Asia Gateway fund was put on hold by mutual consent due to unfavourable market conditions. We are hopeful that we can revisit the fund in the future," he added.
The fund was to be launched in partnership with the global investment house Forsyth Partners, which has denied speculation that the postponement of the fund was linked to the controversy over alleged "share price manipulation" surrounding Shuaa Capital.
"Following the initial announcement, the planned Arab Asia joint venture was postponed due to the changing stock market environment," a Forsyth Partners spokesman told this week's Arabian Business magazine.
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