The CEO of the UAE-based Shuaa Capital has bought 57, 966, 523 shares in the financial firm, taking his personal stake close to 30 percent in the company.
In a statement to the Dubai Financial Market, where its stock trades, Shuaa Capital said Shine Investments in Commercial Projects LLC was the seller of the shares to Alseddiqi and other investors. Following the sale Shine no longer holds any shares in Shuaa.
In 2019, Shuaa Capital, which has $14 billion in assets under management, merged with Abu Dhabi Financial Group (ADFG) in 2019. Alseddiqi, who is also the CEO of ADFG, is currently the chairman of Gulf Finance House, Eshraq Investments, Khaleeji Commercial Bank among others.
He also serves on the boards of First Abu Dhabi Bank (FAB), Abu Dhabi Capital Group, ADNOC Distribution and Dana Gas.
