Dubai-based investment bank Shuaa Capital is expanding its profitable credit finance business, Gulf Finance Corp (GFC), into Saudi Arabia and may offer a stake in the unit to new investors, is chief executive said.
“It is the only business that makes money,” CEO Michael Philipp said in an interview on Tuesday.
“We are starting Saudi immediately. The investment will come from outside shareholders. I can bring brand new money at the Abu Dhabi and Saudi level. It is probably hundreds of millions of dollars,” Philipp said.
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