Abu Dhabi Financial Group chief executive Jassim Alseddiqi has become the new chairman of Shuaa Capital a day after ADFG completed the acquisition of a 48.3 per cent stake in the Dubai-based banking group.
In a filing to the Dubai Financial Market this morning, Shuaa said that Mr Alseddiqi will replace previous chairman Abdulrahman Al Hareb. Mr Al Hareb, however, will continue to serve on the Shuaa board. Fellow member Ibrahim Al Mansoori has resigned from the board, the statement said.
On Sunday Shuaa issued a statement to the DFM saying that five months after a deal was initially agreed, ADFG had acquired 515 million shares in Shuaa through its subsidiary Shine Investments. The stake is estimated to be worth about Dh360 million.
ADFG has about US$3.2 billion in assets under management including the Metropolitan Police headquarters in New Scotland Yard and No 1 Palace Street close to Buckingham Palace. In February, ADFG raised its stake in Bahrain-based GFH Financial Group to 10 per cent.
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