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ADFG buys 48% stakes of Shuaa Capital

adfgAbu Dhabi Financial Group has agreed to buy 48.36% stakes of Dubai-based investment bank Shuaa Capital, subject to regulatory approvals. The deal potentially worth $ 93 million (Dh 341 million). Dubai Group was hiring Emirates NBD to help find a buyer, as it strives to meet payment obligations under a debt restructuring plan. Dubai Group, owned by emirate’s ruler, was one of several companies forced to restructure loans and delay payments when Dubai property prices slumped and credit markets froze after the 2008 global financial crisis. The company reached a final agreement with lenders to restructure $6 billion in debt in 2014 after three years of talks. Shuaa posted a 190 million-dirham loss last year, its worst performance since 2011. Most of these losses were attributable to Gulf finance, its small and medium enterprise lending business.

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