Dubai – Mubasher: Shuaa Capital announced that its subsidiary, Stanford Marine Group, has secured $45 million (AED 165 million) financing from the National Bank of Fujairah (NBF).

The National Bank of Fujairah will be providing the finances through a five-year facility, according to the company’s statement.

The bilateral facility will be used to support Stanford Marine’ expansion opportunities in the offshore support vessel sector, as well as optimising the company’s capital structure.

SMG says it has made significant progress in its revitalized growth plans, following the completion of the AED 1.13 billion debt buyout by Shuaa.

In addition, the company has appointed a new Board of Directors, led by Chairman Saeed Al Hajeri, with Saleh Al Hashemi, Oliver E. Zoeger, and Ajit Joshi.

Al Hajeri is currently Vice-Chairman of Abu Dhabi National Energy Company (TAQA), Vice-Chairman of Islamic Arab Insurance Company and an Executive Director at the Abu Dhabi Investment Authority (ADIA).

Meanwhile, Shuaa Capital revealed its intention to launch a new Digital Wealth Platform to serve existing clients and the next generation of investors.

Shuaa has appointed ex-Visa and Google alumnus, Hadi Raad, in the newly created role of Chief Digital Officer, with the aim of steering the innovative and ambitious digital proposition, which will operate as an independent fintech platform.