Dubai's Shuaa inks deal with UAE's savings scheme

Alliance with National Bonds Corp will see Shuaa offer advisory, brokerage services
Dubai's Shuaa inks deal with UAE's savings scheme
Shuaa said it was looking to close one or more acquisitions by the year-end
By Staff writer
Mon 03 Oct 2011 11:35 AM

Dubai's Shuaa
Capital and savings scheme National Bonds formed a strategic alliance under
which the investment bank will offer advisory and brokerage services to the
sharia-compliant firm, the two companies said on Monday.

The partnership is
also aimed at expanding the customer bases of both companies and promoting a
savings culture in the United Arab Emirates, the companies said in a statement.

The tie-up will
"help some of our clients shift from risk exposure investments to risk
control," Khalifa Al Daboos, chairman of National Bonds, said.

No financial details
were provided in the statement.

Shuaa said it was
looking to close one or more acquisitions by the end of the year after sources said
last month that it had targeted a number of companies, including brokerages in
Egypt, for potential purchases.

Dubai sovereign
wealth fund, Investment Corporation of Dubai (ICD), took control of National
Bonds in March when it brought out the remaining 50 percent it didn't own from
other local entities including Dubai Holding and Emaar Properties .

This came after the
savings scheme invested heavily in Dubai's troubled real estate sector - a
strategy which saw its chief investment officer leave in May 2010.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.