Dubai Group to sell Shuaa Capital stake to Abu Dhabi Financial Group

08/06/2016 Argaam

Abu Dhabi Financial Group (ADFG) will buy Dubai Banking Group’s 48.3 percent stake in Shuaa Capital, Dubai-listed investment bank Shuaa said in a bourse statement.

 

No value was provided for the transaction, which remains subject to regulatory approvals.

 

Other than ADFG, Dubai’s Arqaam Capital and Al Mal Capital were vying for a stake in Shuaa.

 

Dubai Banking Group is a subsidiary of Dubai Group, which is also planning to sell its stake in Egypt’s EFG Hermes and Oman’s Bank Muscat.

 

Dubai Group has reportedly been looking to raise funds to meet repayments under its $10 billion debt restructuring.

 

Shuaa Capital’s stock jumped nearly 3.5 percent as the market neared closing.

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