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Tue 24 Apr 2018 02:06 PM

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Dubai's Shuaa completes deal to grow assets to over $1.2bn

Company gets final approval for acquisition of Integrated Securities and Integrated Capital

Dubai's Shuaa completes deal to grow assets to over $1.2bn
Fawad Tariq-Khan, chief executive of Shuaa.

Shuaa Capital has announced the completion of its acquisition of Integrated Securities (IS) and Integrated Capital (IC), following final approval by the Emirates Securities and Commodities Authority and the UAE Central Bank.

Shuaa said its assets under management (AuMs) will effectively grow to about AED4.5 billion ($1.23 billion) following the deal while a roster of 3,000 retail and institutional clients will be added, with AED15 billion shares in custody in its brokerage business that is now ranked in the top ten in the UAE.

The company said it will consolidate earnings from IS and IC beginning in the second quarter of 2018 for reporting purposes.

Fawad Tariq-Khan, chief executive of Shuaa, said: “IS and IC are a natural addition to the anatomy of Shuaa Capital. Upon full integration, we expect improved synergies and efficiencies with a greater depth of investment products and offerings for our expanded client base."

He added: “The expansion strategy set out under our new ownership and management is proving particularly fruitful in current times, such as entering into Egypt just as the country’s stock market experienced a significant surge in fund inflows.”

Shuaa has also confirmed that its offer to acquire Amwal International Investment Company in Kuwait is going through regulatory approvals. It added that it is also working on a number of other potential acquisition opportunities in the region including Egypt.

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