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LONDON: The Dubai-based financial services firm Shuaa Capital has started “consolidation efforts” following its acquisition of the Kuwait-based Amwal International Investment Company, according to a statement.
The move follows the recent completion of a public tender process, and Amwal shareholders’ general assembly on Dec. 12, according to a statement from UAE state news agency WAM.
Shuaa said earlier this year that it had struck a deal to boost its stake in Amwal to more than 87 percent.
Amwal’s key subsidiary is Noor Capital Markets, a brokerage with operations in Kuwait, Abu Dhabi, Turkey and Jordan.
Fawad Tariq-Khan, CEO of Shuaa Capital, said the acquisition will allow his company to boost its presence in some of those markets.
“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,” he said. “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.”
Khurram Sayeed, CEO of Noor Capital Markets, said the consolidation had “tremendous prospects” for the businesses.