SHUAA Capital has announced that is has upped its stake in Amwal, the leading investment banking firm in Qatar, to 47%, making it the largest single shareholder. The Qatar Central Bank approved the acquisition of the 26% stake.
The acquisition falls in line with SHUAA Capital’s declared strategy to grow its businesses organically and through the acquisition of synergetic businesses in the region.
Iyad Duwaji, SHUAA Capital’s CEO, said “Our acquisition in Amwal is a strategic one, and comes as an expression of our confidence in the opportunity and the potential of the financial services sector in Qatar, and in recognition of the tremendous existing and future potential in the Qatari economy as an investment destination. Our investment experience in Qatar has been rewarding and we believe that our acquisition in Amwal will further solidify our footing in the country, as the company is a clear market leader in its field today.”
“Our aim in the next two years is to participate in the next phase of growth in the Qatari capital market and to introduce new products and offerings to Qatari investors”, Duwaji added.
Amwal has the unique advantage of being an onshore licensed investment banking firm in Qatar, with a distinguished and prominent shareholding base. Amwal is the first investment firm to be licensed by the Central Bank of Qatar operating in three lines of business; investment banking, asset management and wealth management.
Sheikha Hanadi Nasser Bin Khalid Al Thani, Vice Chairperson and Managing Director of Amwal, said “We are very proud of our association with SHUAA Capital, who has over the past ten years been a pioneer in the GCC financial industry and proved itself as a leader in this field.
“Through its resources, SHUAA Capital will help us implement our ambitious strategy that includes developing our distribution capability and exploring the entry into the brokerage business in Qatar and the introduction of equity research”
SHUAA has been active on the acquisition front this year and has already made selective prime investments in the financial sector across GCC markets having fully acquired Emirates Securities, the leading brokerage firm in the UAE; assumed effective control of a Kuwaiti holding company which it aims to reposition into the financial sector, and is in the process of establishing a subsidiary company in Saudi Arabia, the single largest market in the GCC, where it has partnered with four prominent Saudi groups and is seeking CMA approval to operate in the Kingdom as a full fledged investment banking institution.
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