Shuaa aims to increase asset base to $20bn as it plans to boost operations - The National

Shuaa aims to increase asset base to $20bn as it plans to boost operations - The National:

Shuaa Capital plans to expand investment banking and asset management businesses as part of a new strategy to grow money it manages to $20 billion (Dh73.4bn), the company said as it revealed its first full-year results since 2019's reverse takeover by Abu Dhabi Financial Group.

The company's expansion strategy "sets the foundation for significant and sustainable growth, despite market challenges resulting from Covid-19 and falling oil prices”, said Shuaa Capital chief executive, Jassim Alseddiqi.

“Our strategic plans, ambition and talent will enable us to strengthen our position as a leading regional investment manager, achieve regional dominance in investment banking and solidify our innovation leadership,” he added.

The reverse takeover of Shuaa Capital by ADFG, which completed in August last year, created an entity with $12.8bn of assets under management, more than 12,500 clients and 380 employees.