The combined entity will exit non-core businesses to focus on becoming the leading asset management and investment banking platform in the MENA region
Jassim Alseddiqi has been appointed CEO of UAE-based Shuaa Capital, according to a statement on the Dubai Financial Market (DFM).
Shuaa Capital recently completed a merger with investment holding company Abu Dhabi Financial Group (ADFG), of which Alseddiqi is also CEO.
The combined entity will exit non-core businesses to focus on becoming the leading asset management and investment banking platform in the MENA region.
In September, Abu Dhabi Securities Exchange-listed Shuaa Capital agreed to sell its securities brokerage and market-making businesses in the UAE to IHC RSC Ltd, a subsidiary of International Holdings Company (IHC).
Under the terms of the all-cash deal – for which regulatory approvals are still pending – IHC will acquire the operations of both businesses, which are currently standalone units within Shuaa.
New appointments at Shuaa Capital also include Mustafa Kheriba as deputy chief executive officer and head of asset management and investment solutions; Bechara Raad as chief operating officer; Joachim Mueller as chief financial officer; Bachir Al Nawar as chief legal officer; Olivier Brochard as head of internal audit; Fawad Tariq Khan as head of investment banking; Ajit Joshi as head of public and private markets and Natasha Hannoun as head of investment solutions.