Investment bank was not hurt by debt revamp at Dubai Banking Group and Dubai Holding, CEO says
Shuaa Capital, which has AED833m ($226.8m) in its investment portfolio, is
seeking opportunities to sell assets, chief executive officer Sameer Al Ansari
said in Dubai on Sunday.
Shuaa private equity fund
plans to announce additional real estate transaction in Riyadh in due course,
Al Ansari also said the company was not asked to sell assets to help its
controlling shareholder Dubai Banking Group, which is restructuring debt.
The investment bank was
also not affected by debt restructuring at Dubai Banking Group and Dubai
Holding, the companies owned by Dubai’s ruler, Al Ansari added.
Dubai Banking Group took
control of Shuaa, the UAE’s largest investment bank, in August 2009 by taking a
48.4 percent stake and replacing Iyad Duwaji as CEO with Al Ansari.
Meanwhile, Shuaa Capital, increased assets under management to about $200m currently,
Nadi Bargouti, who heads its asset management team, said in Dubai on Sunday.