Middle East Deals: Dubai’s Shuaa Pauses Some Deals as Virus Brings New Strategy - Bloomberg:
Shuaa Capital PSC stepped away from some deals as the Dubai-based investment company switched its short-term strategy in the wake of the economic fallout from the coronavirus pandemic.
“All the plans have changed” over the past six months, Chief Executive Officer Jassim Alseddiqi said in an interview with Bloomberg TV. The firm is focused on its main businesses and on becoming more efficient, he said.
The company “put off few of the transactions that we have been looking at, in terms of acquisitions or mergers,” but would “revisit opportunities as they come up,” he said.
Shares in Shuaa declined as much as 3.9%, the most since July 29, before paring losses to trade 0.8% down as of 10:55 a.m. in Dubai.
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