Middle East

Dubai’s Shuaa Capital acquires a majority stake in Souqalmal

Shuaa Capital, a Dubai-based asset management and investment banking platform, has completed a strategic investment in Souqalmal, a UAE-based fintech.

This investment will enable Souqalmal to execute its growth plans over the next 24 months. Ambareen Musa, Founder and CEO of Souqalmal, will continue to lead the business and oversee the expansion of the service.

Shuaa has joined existing strategic investor Riyad Capital and the UK comparison website GoCompare and will continue to be a shareholder of Souqalmal, the statement said. Meanwhile, this investment supports Shuaa’s strategy to increase digital services and enhance consumer personal finance and investment opportunities.

Last year, Souqalmal launched its first corporate financial education program for employees through the Money Doctor program. This reinforces the vision of enabling customers to educate themselves, get immediate pre-approval of credit products, track spending and increase wealth all on one platform. Companies such as MAF, Careem, and Emirates Catering offer Money Doctor programs to their employees to ensure financial integrity.

Fawad Tariq Khan, MD of Shuaa Capital and Head of Investment Banking, said: We believe that Souqalmal and its financial education department have the ability to help clients understand, manage and grow their finances in a better way. As Souqalmal strengthens its personal and wealth management offerings, Shuaa will be in a position to help companies access new pools of capital, products and even more important knowledge. “

“This acquisition gives Souqalmal what it needs to take the company to the next level. We are really looking forward to working with partners like SHUAA Capital. The driving force behind the transformation is where the two companies actually clicked, and the marriage will provide the resources, talents, and funding needed to actually undertake in the under-penetrated financial education industry. ” Ambareen Musa added.

Shuaa Capital recorded a net profit of 40 million dirhams in 2021, down 68% year-on-year from 125 million dirhams in 2020.

Earlier this month, Shuaa had an initial public offering price of $ 10 per unit for the Shuaa Partners Acquisition Corp I.

read: Dubai’s Shuaa Capital has a $ 100 million SPAC listed on Nasdaq New York

https://gulfbusiness.com/dubais-shuaa-capital-acquires-majority-stake-in-souqalmal/ Dubai’s Shuaa Capital acquires a majority stake in Souqalmal

Back to top button