By: Mahmoud Gamal

Dubai – Mubasher: Shuaa Capital is seeking to collaborate with Saudi Arabia’s Jabal Omar Development Company (JODC) to launch and manage real estate investment funds in the Kingdom of Saudi Arabia.

The partnership is directed towards managing the development and expansion of centrally located real estate hotspots across the Kingdom, Shuaa’s CEO Tariq Khan told Mubasher.

Both the memoranda of understanding (MoU) signed with JODC and the UAE National Bonds Corporation (NBC) have represented a major step in Shuaa’s endeavours to bolster its presence across the Arab world's biggest economy, Khan added.

The Saudi market is so important and full of growth potentials and opportunities, given the kingdom’s efforts to diversify the economy and privatise many sectors, the top official remarked.

Khan stressed that his company is looking forward to firming its foothold in the GCC country through its units, Shuaa Capital Saudi Arabia (SCSA) and Gulf Finance Corporation Saudi Arabia.

Shuaa is also keen to expand its current scope of work in Saudi Arabia, for example, managing IPOs once granted the necessary regulatory approvals and licenses from the Saudi Capital Markets Authority.

In GCC Scale

Shuaa is about to enter the Kuwaiti market following the fulfilment of a raft of legal requirements, Khan stated.

The Dubai-listed investment bank is also studying the Bahraini market and planning to increase its portfolio there, he noted.

With regard to the cancellation of Shuaa brokerage licence in April, Khan revealed that this decision was based on a request submitted by the company in order to complete the legal procedures required for the acquisition of Integrated Securities Company and Integrated Capital Company.

Following the acquisition of the two companies, Shuaa’s managed assets have reached AED 4.5 billion, Khan announced.

In Egypt 

Shuaa’s pursuit of geographic expansion either through acquisitions or strategic partnerships reflects its strategic approach to tapping new opportunities despite the challenges any company could face in the Middle East, the top official uttered.

Our successful presence in Egypt, the Arab world's most populous country, is a perfect demonstration of our ability to expand and grow he concluded.

Early in July, Khan stated that SHUAA Securities-Egypt is now ranked eighth among the biggest brokerages in the North African country, according to a survey conducted by the Egyptian Exchange (EGX).

Translated by: Muhammad Khalid