UAE Based SHUAA Capital’s Acquisition of Kuwait’s Amwal International Investment Co. To Drive MENAT Region Expansion Road...
December 16 2018 - 4:24AM
Business Wire
Subsidiary Noor Capital Markets, a strategic
boost for geographic footprint
SHUAA Capital, the UAE’s premier financial services Group, is
pleased to announce the commencement of its post-acquisition
integration and consolidation efforts with Kuwait based Amwal
International Investment Company (“Amwal”), following the
recent completion of the public tender acquisition process, and
Amwal shareholders’ General Assembly that was held on 12th December
2018. As part of the General Assembly’s outcome, Amwal announced a
new Board of Directors consisting of Bader Al Reizhan, Fawad Tariq
Khan, Khaleefa Al Mheiri, Oliver Lee, Ali Tariq, Adil Mustafa and
Abdullah Galadari.
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The acquisition of Amwal aligns perfectly with SHUAA’s vision of
delivering long-term shareholder value, in addition to the
prospects of meaningful synergies between SHUAA Capital’s existing
capital markets business and Amwal’s key subsidiary, ‘Noor Capital
Markets’.
Noor Capital Markets is the region’s leading homegrown online
FOREX, Commodities and Contract for Difference (“CFD”)
trading platform that is highly regarded for being the best in
class service offering and quality execution.
Fawad Tariq-Khan, Chief Executive Officer of SHUAA Capital,
said: “The commencement of this consolidation exercise
represents the culmination of our efforts in establishing a broad
geographic footprint across the region’s strongest markets. From
our heritage in the UAE, and now in our six well-placed
jurisdictions, we are well positioned to tap into a diverse range
of growing markets. We are excited about the potential to take our
expertise into Kuwait, Turkey and Jordan, as well as bringing Noor
Capital Markets’ services and offerings to our home territories. We
believe that we have a winning combination which will support our
continued transformation on the path to sustainable
profitability”.
Fawad explains further, “Ultimately, it is our clients who will
benefit from our ability to deliver a broader range of services and
synergies that we will realize between SHUAA Capital , Amwal and
Noor Capital Markets. This combination clearly demonstrates SHUAA’s
ability to identify, structure and complete complex Mergers and
Acquisitions transactions to complement SHUAA Capital’s organic
growth plan. We continue to carefully appraise selected
opportunities that we believe will generate incremental revenue and
will deliver long term shareholder value.”
Mr. Khurram Sayeed, CEO of Noor Capital Markets, said
“SHUAA Capital is a natural fit, for our trading business Noor
Capital Markets, when you consider its diversified regional
presence and experience. Clear synergies can be delivered with our
combined efforts and business verticals across new markets
including Kuwait, Jordan and Turkey. For Noor Capital Markets, we
have built a successful industry-leading business in a relatively
short period of time and are excited by the tremendous prospects of
delivering a combined business plan alongside SHUAA Capital”.
In addition to the above, Kuwait’s promotion to the FTSE Russell
Emerging Markets Index in September is expected to attract
significant inflows of investment. In Jordan and Turkey, regulatory
reforms are being implemented to support their capital markets’
growth and their implications on broader economies. For instance,
despite a challenging economic backdrop in Jordan, last year
Foreign Direct Investment inflows totaled USD 1.6 billion,
representing growth of 7.5%. Meanwhile, in 2017, Turkey’s Boursa
Istanbul recorded growth of 43% year-on-year in terms of the market
value of stocks traded, demonstrating its regional significance and
appeal. Boursa Istanbul is one of the largest exchanges in Europe
with over c. USD 2 billion traded daily on average.
Amwal International Investment Company holds an investment
company license regulated by the Capital Markets Authority in
Kuwait and a lending license regulated by the Central Bank of
Kuwait. Financial earnings are expected to be consolidated during
Q4 2018.
About SHUAA Capital psc: Established in 1979, and often
considered to be the most recognized financial advisory and
investment firm in the Middle East, SHUAA Capital psc
(‘SHUAA’) is an integrated financial services firm headquartered in
the United Arab Emirates. The firm services corporate and
institutional clients, governments, family businesses and
high-net-worth-individuals with expertise in the areas of Asset
Management, Investment Banking, Capital Markets, Securities
Brokerage and Credit. SHUAA is a public shareholding company with
its shares listed on the Dubai Financial Market. The firm is
regulated as a financial investment company by the UAE Central Bank
and the Emirates Securities and Commodities Authority.
The firm owns and operates subsidiaries based in the Kingdom of
Saudi Arabia, Kuwait and the Arab Republic of Egypt. They are SHUAA
Capital - Saudi Arabia which operates as a Saudi Capital Markets
Authority licensed investment bank, Gulf Finance UAE making up its
Lending division, along with Gulf Finance Saudi Arabia its
SAMA-regulated Shari’ah-compliant lending arm, Amwal International
Investment Company- a CMA licensed financial services institution
and SHUAA Securities – Egypt specializing in brokerage services for
institutional, corporate and retail clients with seamless access to
regional markets. www.shuaa.com
*Source: AETOSWire
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SHUAA Capital’s Corporate Communications
departmentMohamed Tahboub, Head of Investor Relations,
Corporate Communications & Marketing,
+97143651872mtahboub@shuaa.com , ccdesk@SHUAA.comwww.SHUAA.com