SHUAA completes sale of securities and market-making businesses to Al-Ramz

DUBAI: SHUAA Capital, the Asset Management and Investment Banking platform created by the merger of SHUAA Capital and Abu Dhabi Financial Group (ADFG), has completed the sale of its Securities and Market-Making businesses, as the company continues to implement its non-core exit strategy focusing on further growing and expanding the Group’s asset management and investment banking platform.

On January 15, 2020, SHUAA Capital had announced its agreement to sell its equities market-making business to Al Ramz Corporation Investment & Development.

Prior to that on September 8, 2019, it sold its SHUAA Securities brokerage unit in the UAE to IHC RSC Ltd, a subsidiary of International Holdings Company (IHC).

Both transactions were completed under the terms of an all-cash deal with a total deal value of AED 100 million.