Dubai's Shuaa Capital acquires majority stake in Souqalmal
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Dubai’s Shuaa Capital acquires majority stake in Souqalmal

Dubai’s Shuaa Capital acquires majority stake in Souqalmal

Shuaa joins existing investors Riyad Capital and UK comparison website GoCompare

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

The investment will allow Souqalmal to execute its growth plan over the next 24 months. Ambareen Musa, founder and CEO of Souqalmal, will continue to lead the business and oversee the expansion of its services.

Shuaa joins existing strategic investors Riyad Capital and UK comparison website GoCompare, which will remain shareholders in Souqalmal, a statement said. Meanwhile, the investment supports Shuaa’s strategy to increase its digital offerings and enhance personal finance and investment opportunities for consumers.

Souqalmal launched the first corporate financial education programme for employees last year through its MoneyDoctor Programme, bolstering the vision of allowing customers to educate themselves, get instant pre-approval on their credit products, track their spending and grow their wealth, all on one platform. Companies such as MAF, Careem, Emirates Catering offer the MoneyDoctor Programme to their employees to ensure financial health.

Fawad Tariq Khan, MD and head of investment banking at Shuaa Capital, said: “We are excited to join Souqalmal and Ambareen on their journey to becoming an interactive personal finance management platform. We believe that Souqalmal and its financial education arm have the ability to empower customers to understand, manage and grow their finances in a better way. As Souqalmal strengthens its personal and wealth management offering, Shuaa will be well positioned to help the company access new pools of capital, products and more importantly knowledge.”

“This acquisition gives Souqalmal what it needs to now bring the company to the next level. We are really looking forward to what we can do together with a partner like SHUAA Capital. The drive to digitisation of financial services is where the two companies really clicked and with this marriage brings resources, talent and the funds we need to really take on the under penetrated financial education industry,” added Ambareen Musa.

Shuaa Capital recorded a net profit of Dhs40m in FY 2021, down 68 per cent year-on-year from Dhs125m in 2020.

Earlier this month, Shuaa priced its initial public offering of 10,000,000 units of Shuaa Partners Acquisition Corp I at $10 per unit.

Read: Dubai’s Shuaa Capital lists $100m SPAC on Nasdaq New York

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