Dubai-based investment firm Shuaa Capital has completed the sale of its market-making business as it continues to offload its peripheral offerings.
The unit has been purchased by Dubai-based asset manager Al Ramz Corporation Investment & Development in an all-cash deal, although the financial terms were not disclosed. All staff and market-making activity will be transferred to Al Ramz.
Shuaa Capital merged with the Abu Dhabi Corporation
in June 2019 to create a combined entity with more than $12.8 billion of assets under management.
Ever since the merger, Shuaa Capital has been looking to exit non-core activities to focus on growing its asset management and investment banking businesses.
The company had planned to sell the market-making business to a subsidiary of UAE-based conglomerate International Holdings Company but the deal collapsed last year.
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