Banking & Finance
Shuaa in Talks With Abu Dhabi Firm Amid Gulf Merger Wave
(Bloomberg) — Dubai’s Shuaa Capital started talks for a potential combination with an Abu Dhabi entity, joining a stream of mergers in the Gulf’s financial industry. The shares surged.
The investment banking firm formed a working group “to review the commercial potential along with any legal and structural aspects of the transaction” with Abu Dhabi Financial Group, according to a statement. There is no certainty that the talks will result in a deal, it said.
Consolidation among financial institutions in the Gulf has been picking up following lower oil prices. Some of the biggest banks in the United Arab Emirates, Saudi Arabia and Kuwait are in the process of combining their operations.
Read more: M&A Bankers in Demand in Mideast Merger Boom as Oil Drives Deals
Abu Dhabi Financial Group, which together with its controlled entities manages more than $20 billion in assets, is the owner of Shine Investments Commercial Projects. Shine holds 48.4 percent of Shuaa, whose Chairman Jassim Alseddiqui is the chief executive officer of Abu Dhabi Financial Group.
Shuaa shares climbed as much as 15 percent in Dubai on Sunday after Al Arabiya reported on potential merger talks. The stock was poised to end at the highest level in almost a month.
Shuaa has a market value of about $207 million and had assets of $575 million at the end of last year.
-
Oil & Gas1 month ago
Oman Oil Exports Exceed 135.3m Barrels by End of June 2024
-
Energy2 months ago
VIDEO: Dr. Firas Al-Abduwani Discusses Green Hydrogen, Potential Regions for Development & Creating a Green Ecosystem
-
Hospitality2 months ago
OMRAN Group Achieves RO31.6M Net Profit, 44.6% Revenue Growth
-
Energy2 months ago
Oil Futures Rebounds Over US$1 After 7-Week Low
-
Leaders Speak2 months ago
VIDEO: Discussing The Future of Green Hydrogen in Oman with H.E. Salim Al Aufi
-
Interviews2 months ago
VIDEO: Talking Latest Developments in Aircraft Ground Guidance & More at Oman Airports
-
Automotive2 months ago
Nissan Appoints Al Hashar Automotive as the Authorised Official Distributor in Oman
-
Technology2 months ago
Celebrating Infoline’s Remarkable 20-Year Journey