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Sun 19 Apr 2020 10:20 AM

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Shuaa Capital announces $12.8m annual net profit

Company held its first general meeting virtually where it reported an EBITDA of $50.6m

Shuaa Capital announces $12.8m annual net profit

Jassim Alseddiqi, chief executive officer of Shuaa Capital. Image: ITP Media Group

Dubai-based Shuaa Capital has revealed a net profit of AED47 million ($12.8m) in its annual results.

The company, which was created by the merger of Shuaa Capital and Abu Dhabi Financial Group (ADFG) last year, held its first general meeting virtually where it reported an EBITDA of AED186m ($50.6m), including merger costs.

Jassim Alseddiqi, chief executive officer of Shuaa Capital, said: “Shuaa’s management team is committed to continuing to deliver on the synergies and sustainable value arising from the merger with ADFG.

"Our strategic focus combined with core strengths in innovative investment solutions and differentiated product offerings provide us with the resilience needed to continue creating value for our clients and shareholders, even during these challenging times.”

Shuaa Capital is a leading asset management and investment banking platform, with $14 billion in assets under management and with offices throughout the Middle East and the United Kingdom.

The company is currently working on several new mandates, among them as lead arranger on the Gulf Navigation Holding PJSC AED 125m sukuk that is expected to be raised through a private placement.

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