Shuaa Capital Seeks Exit From Proprietary Investments

* username: rupertbu

Shuaa Capital PSC is looking to exit from proprietary investments as the biggest investment bank in the United Arab Emirates focuses on fee-generating business to achieve profit, its chief executive officer said.

Shuaa plans to sell stakes in Kuwait’s Alkout Industrial Projects Co., Qatar’s Amwal, and U.A.E.-based Septech Holdings Ltd. in the next 12 to 18 months, Sameer Al-Ansari said today in Dubai. Shuaa had 1.2 billion dirhams ($326.7 million) worth of investments at the end of last year, down from 2.4 billion dirhams the previous year after exits and provisions, he said.

“I don’t have sleepless nights for what’s left from these investments,” he said at a press conference. “We are in negotiations to sell some of these investments.”