Following the completion of the merger, the various teams at Shuaa and ADFG
are now investing considerable joint efforts building a solid long-term road map for this newly created regional financial powerhouse.
With the final regulatory approvals for the merger now obtained and SHUAA having increased its share capital, the company will be calling for a general assembly meeting with shareholders, subject to regulatory approvals, to increase the number of its Board members as well as approve the transitioning of the SHUAA Capital name and brand to ADFG
, as previously disclosed.
SHUAA Capital's shareholders approved the proposed merger with Abu Dhabi Financial Group (ADFG
), which will create an entity with $12.8 billion in assets under management.
The combination of ADFG
and SHUAA will build on the collaboration to date, which has seen SHUAA making continued progress toward long-term sustainable profitability since ADFG
's original investment in November 2016.
Shuaa Capital is to merge with its largest shareholder, ADFG
, in the third quarter of this year.
This means that ADFG
's shareholders will own 58 per cent of the enlarged entity while Shuaa's existing shareholders will own 42 per cent.
If market conditions remain strong for Alaska salmon, the net ex-vessel value for sockeye has the potential to be very important to the state, despite ADFG
forecasting a sockeye salmon harvest for 2019 coming in 10 percent below the ten-year average.
Mustafa Kheriba, chief operating officer of ADFG
, said it would continue to seek such acquisitions of high-quality real estate assets.
is seeking a dedicated budget to conduct a full forensic audit and a litigation budget.
is keen to expand its presence in Saudi Arabia, according to a press release.
These activities are central to taking GFH to the next level and I look forward to guiding these efforts in the months ahead." Stepping in as Chairman of GFH Group is H.E Jassim Mohammed Alseddiqi, the Managing Director and Chief Executive Officer of Abu Dhabi Financial Group (ADFG
), a leading global investment group with more than US$6billion under management.
For Jassim Alseddiqi, Abu Dhabi Financial Group (ADFG
)'s chief executive officer, Egypt's economy is on track to attract more foreign inflows with investor confidence reinforced by the current reform programme, which is underway in full swing.