Dubai Group hires Emirates NBD to find buyer for its stake in Shuaa

Dubai Group, which holds a 49% stake worth around US$100 million in investment bank Shuaa Capital PSC, is planning to sell off its stake and has reportedly hired Emirates NBD with the aim of finding the right buyer.

Though the sale process is at a very nascent stage, trading volumes in the shares of Shuaa at the local stock exchange has witnessed a spurt in the last few weeks. Here it is worth recalling that Shuaa’s share price had declined by around 81% between April 2014 and January 2016.

Shuaa Capital had posted a loss of AED 190 million during 2015 and this has been its worst performance since 2011. Meanwhile, Dubai Group is an investment company controlled by Dubai Holding LLC and owned by the Sheikdom’s ruler.