“SPACs” will be listed on the American Stock Exchange during the third quarter

Shuaa Capital aims to raise its assets to $20 billion in the coming years

The company's asset management sector is the main reason for the increase in its profits in the first half.

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Shuaa Capital has stated that it aims to raise its assets under management to $20 billion in the coming years, from $14 billion at present.

In an interview with CNBC Arabia, CEO of Shuaa Capital, Jassem Siddiqi, said that the company's asset management sector was the main reason for the rise in profits in the first half of this year, adding that his company is seeking to exit from its non-core assets. .

Seddiqi explained that the proceeds of the exit from assets in the first half amounted to 300 million dirhams, and he expected the proceeds of the second half of this year to reach 100 million dirhams.

The CEO of Shuaa Capital added that it is expected that (SPACs) will be offered on the American Stock Exchange during the third quarter of this year, with a total of 3 companies offering, and (SPACs) operating in the technology, financial services and energy sectors.

Regarding cash dividends, Siddiqi said that the company is optimistic about the distributions, especially after achieving positive results in the first half, noting that the company aims to raise its assets under management to $20 billion in the coming years, from $14 billion at the present time.

It is noteworthy that Shuaa Capital revealed its intention to launch a new digital technology platform for wealth management.

The company stated that the development of the new financial technology platform aims to provide investors with a smooth and comprehensive experience in the field of digital wealth management, relying on the use of modern technologies, such as artificial intelligence and machine learning, “in order to elevate the traditional personal and customized management and advisory experience to a different level in every sense of the word.” ».

The new platform will enhance the capabilities of its products by relying on Shuaa' services in the fields of investment and asset management, to establish a new standard for user experience, providing advice, and allocating investment portfolios.

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