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UAE’s Shuaa exits asset in Egypt for AED 4m

UAE’s Shuaa exits asset in Egypt for AED 4m
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Dubai – Mubasher: Shuaa Capital has sold its brokerage unit in Egypt for a total value of AED 3.6 million after receiving the essential regulatory approvals, according to a bourse filing.

Exiting the Egypt-based asset followed a capital reduction that generated approximately AED 10 million for the parent company. The sale transaction also came in line with the UAE firm’s strategy of exiting non-core businesses owned by Shuaa.

The listed company noted that the proceeds of exiting the brokerage unit will be injected into its core businesses to grow in the coming period, expecting a positive impact on the financial results from the transaction.

Last week, a subsidiary of Shuaa entered into a partnership with St. Regis hotel brand.