DUBAI: Al Ramz Corporation Investment & Development PJSC announced the acquisition of the market‐making business of SHUAA Capital, the leading Asset Management and Investment Banking platform in the region created by the merger of SHUAA Capital and Abu Dhabi Financial Group (ADFG).
The transaction will entail transfer of personnel and market‐making activities to Al Ramz.
Mohammad Al Mortada Al Dandashi, Managing Director of Al Ramz Corporation PJSC, commented: “We are pleased to announce the successful conclusion of the acquisition of SHUAA’s market making business. Market making is a core business in our strategy which we continue to develop and grow. For over two decades now, Al Ramz has played an integral role in developing the UAE financial markets, contributing to the market’s liquidity, efficiency and appeal to investors.”
Mustafa Kheriba, Deputy Chief Executive Officer and Group Head of Asset Management of SHUAA Capital, commented: “The sale of the equities market‐making business to Al Ramz is in line with our post‐merger strategy to realign efforts on SHUAA’s capital‐efficient businesses and exit non‐core businesses so we can further grow and expand the Group’s Asset Management and Investment Banking platform.”