Dubai – Mubasher: The Emirati domiciled financial institution Al Ramz Corporation Investment and Development has acquired the market-making business of Shuaa Capital, the region’s leading asset management and investment banking platform. 

Under the terms of the acquisition, personnel and market‐making activities will be transferred to Al Ramz Corporation, according to a press release on Thursday.

Commenting on the transaction, managing director of Al Ramz Corporation, Mohammad Al Mortada Al Dandashi, commented, “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.”

In the meantime, deputy CEO and group head of asset management of Shuaa Capital, Mustafa Kheriba, concluded, “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.”