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Dubai: Shuaa Capital Saudi Arabia, the Saudi Arabian subsidiary of Shuaa Capital psc, on Tuesday said it has received final approval to commence operations from the Saudi Arabian Capital Markets Authority.
In anticipation of the final approval, it also plans to manage a Sharia-compliant $550 million hospitality fund that will build 5,500 hotel rooms in the kingdom.
Shuaa Capital Saudi Arabia is a closed joint stock company with a paid-up capital of 150 million Saudi riyals. Shuaa Capital holds 60 per cent of the shares, with the remaining 40 per cent divided among prominent Saudi business groups.
The company is licenced to conduct all investment banking activities, including asset management, advisory, raising of capital, corporate finance, private equity, underwriting as well as custody services and has already applied for a licence to perform dealing as agents.
Iyad Duwaji, chief executive of Shuaa Capital, said: "We see strong growth opportunities for the Kingdom of Saudi Arabia and for Shuaa Capital. Our Saudi Arabian operations, together with our presence across the GCC and Arab world, will expand our ability to offer our clients advanced financial services."
Omar Al Jaroudi, chief executive of Shuaa Capital Saudi Arabia, said: "Saudi Arabia will be an important part of Shuaa Capital's future and we can now provide the full spectrum of investment banking activities."
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