Dubai investment banking and asset management company Shuaa Capital plans to launch two Sharia-compliant funds in the first half of this year as it diversifies its business and expands its asset portfolio.
The new funds will be managed by Shuaa GMC under the umbrella of Shuaa's Incorporated Cell Company (ICC) fund structure, domiciled within the Abu Dhabi Global Market.
One of the funds will be set up in the first quarter of the year, with a focus on Saudi Arabia and the GCC, Shuaa Capital said on Monday in a filing to the Dubai Financial Market, where its shares are traded.
The company is also looking to launch a dedicated Sharia-compliant money market fund in the second quarter, it said.
Following the launch of the new funds, Shuaa expects assets managed by the product platform to exceed $400 million.
The company also reported that its assets under management on the ICC platform grew by 210 per cent over the past two years, increasing to more than $230 million in 2022 “despite challenging market conditions”.
“Our funds have significantly outperformed their composite benchmarks and peers despite market headwinds,” said Ajit Joshi, managing director and head of public and private markets at Shuaa Capital.
“The challenging global macroeconomic backdrop only confirms the effectiveness of our disciplined investment call and identification of investor needs for Sharia-compliant investments across prime geographies and regions.”
Shuaa established the ICC fund structure in ADGM in November 2020 to diversify its offerings, and has since launched five funds.
They include the Nujoom Aggressive Fund that invests mainly in regional and global equities and the Nujoom Balanced Fund that invests equally in equities and fixed income.
In December, it launched three funds including the Global Sukuk Fund that invests in global sukuk, Murabaha, Ijarah and other Sharia-compliant instruments, the Global Equity Fund, which invests in Sharia-compliant global equities, with a focus on “high-quality, high-growth businesses that it believes are currently undervalued”, and the North American Fund, which is focused on equities in the US, invests across most sectors in the country.
The expansion of the ICC fund offering is in line with Shuaa's strategy to diversify and grow its recurring fee income base, it said.
“The new funds will expand the choices available to institutional investors, high-net-worth individuals and corporate investors, and will provide additional investment opportunities to diversify their investments across geographies and asset classes,” the company said.
Shuaa has made several key transactions in recent quarters. They include the listing of Anghami, the first Arab technology company on Nasdaq, through a special purpose acquisition company, as well as the management of a $50 million structured sukuk for UAE agriculture technology company Pure Harvest Smart Farms.
The transactions also include its managed fund's acquisition of Stanford Marine and Allianz Marine and Logistics Services Holding to create the world's fourth-largest operator of offshore support vessels.
The language of diplomacy in 1853
Treaty of Peace in Perpetuity Agreed Upon by the Chiefs of the Arabian Coast on Behalf of Themselves, Their Heirs and Successors Under the Mediation of the Resident of the Persian Gulf, 1853
(This treaty gave the region the name “Trucial States”.)
We, whose seals are hereunto affixed, Sheikh Sultan bin Suggar, Chief of Rassool-Kheimah, Sheikh Saeed bin Tahnoon, Chief of Aboo Dhebbee, Sheikh Saeed bin Buyte, Chief of Debay, Sheikh Hamid bin Rashed, Chief of Ejman, Sheikh Abdoola bin Rashed, Chief of Umm-ool-Keiweyn, having experienced for a series of years the benefits and advantages resulting from a maritime truce contracted amongst ourselves under the mediation of the Resident in the Persian Gulf and renewed from time to time up to the present period, and being fully impressed, therefore, with a sense of evil consequence formerly arising, from the prosecution of our feuds at sea, whereby our subjects and dependants were prevented from carrying on the pearl fishery in security, and were exposed to interruption and molestation when passing on their lawful occasions, accordingly, we, as aforesaid have determined, for ourselves, our heirs and successors, to conclude together a lasting and inviolable peace from this time forth in perpetuity.
Taken from Britain and Saudi Arabia, 1925-1939: the Imperial Oasis, by Clive Leatherdale
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
UAE currency: the story behind the money in your pockets
RESULTS
5pm: Sweihan – Handicap (PA) Dh80,000 (Turf) 2,200m
Winner: Shamakh, Fernando Jara (jockey), Jean-Claude Picout (trainer)
5.30pm: Al Shamkha – Maiden (PA) Dh80,000 (T) 1,200m
Winner: Daad, Dane O’Neill, Jaber Bittar
6pm: Shakbout City – Maiden (PA) Dh80,000 (T) 1,200m
Winner: AF Ghayyar, Tadhg O’Shea, Ernst Oertel
6.30pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 1,200m
Winner: Gold Silver, Sandro Paiva, Ibrahim Aseel
7pm: Masdar City – Handicap (PA) Dh80,000 (T) 1,400m
Winner: AF Musannef, Tadhg O’Shea, Ernst Oertel
7.30pm: Khalifa City – Maiden (TB) Dh80,000 (T) 1,400m
Winner: Ranchero, Patrick Cosgrave, Bhupat Seemar
Results
5pm: Wadi Nagab – Maiden (PA) Dh80,000 (Turf) 1,200m; Winner: Al Falaq, Antonio Fresu (jockey), Ahmed Al Shemaili (trainer)
5.30pm: Wadi Sidr – Handicap (PA) Dh80,000 (T) 1,200m; Winner: AF Majalis, Tadhg O’Shea, Ernst Oertel
6pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Fakhama, Fernando Jara, Mohamed Daggash
6.30pm: Wadi Shees – Handicap (PA) Dh80,000 (T) 2,200m; Winner: Mutaqadim, Antonio Fresu, Ibrahim Al Hadhrami
7pm: Arabian Triple Crown Round-1 – Listed (PA) Dh230,000 (T) 1,600m; Winner: Bahar Muscat, Antonio Fresu, Ibrahim Al Hadhrami
7.30pm: Wadi Tayyibah – Maiden (TB) Dh80,000 (T) 1,600m; Winner: Poster Paint, Patrick Cosgrave, Bhupat Seemar
$1,000 award for 1,000 days on madrasa portal
Daily cash awards of $1,000 dollars will sweeten the Madrasa e-learning project by tempting more pupils to an education portal to deepen their understanding of math and sciences.
School children are required to watch an educational video each day and answer a question related to it. They then enter into a raffle draw for the $1,000 prize.
“We are targeting everyone who wants to learn. This will be $1,000 for 1,000 days so there will be a winner every day for 1,000 days,” said Sara Al Nuaimi, project manager of the Madrasa e-learning platform that was launched on Tuesday by the Vice President and Ruler of Dubai, to reach Arab pupils from kindergarten to grade 12 with educational videos.
“The objective of the Madrasa is to become the number one reference for all Arab students in the world. The 5,000 videos we have online is just the beginning, we have big ambitions. Today in the Arab world there are 50 million students. We want to reach everyone who is willing to learn.”
Company Profile
Company name: OneOrder
Started: October 2021
Founders: Tamer Amer and Karim Maurice
Based: Cairo, Egypt
Industry: technology, logistics
Investors: A15 and self-funded
Where to submit a sample
Volunteers of all ages can submit DNA samples at centres across Abu Dhabi, including: Abu Dhabi National Exhibition Centre (Adnec), Biogenix Labs in Masdar City, NMC Royal Hospital in Khalifa City, NMC Royal Medical Centre, Abu Dhabi, NMC Royal Women's Hospital, Bareen International Hospital, Al Towayya in Al Ain, NMC Specialty Hospital, Al Ain
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COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
ICC T20 Rankings
1. India - 270 ranking points
2. England - 265 points
3. Pakistan - 261 points
4. South Africa - 253 points
5. Australia - 251 points
6. New Zealand - 250 points
7. West Indies - 240 points
8. Bangladesh - 233 points
9. Sri Lanka - 230 points
10. Afghanistan - 226 points
The team
Photographer: Mateusz Stefanowski at Art Factory
Videographer: Jear Valasquez
Fashion director: Sarah Maisey
Make-up: Gulum Erzincan at Art Factory
Model: Randa at Art Factory Videographer’s assistant: Zanong Magat
Photographer’s assistant: Sophia Shlykova
With thanks to Jubail Mangrove Park, Jubail Island, Abu Dhabi
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
German plea
Ukrainian President Volodymyr Zelenskyy told the German parliament that. Russia had erected a new wall across Europe.
"It's not a Berlin Wall -- it is a Wall in central Europe between freedom and bondage and this Wall is growing bigger with every bomb" dropped on Ukraine, Zelenskyy told MPs.
Mr Zelenskyy was applauded by MPs in the Bundestag as he addressed Chancellor Olaf Scholz directly.
"Dear Mr Scholz, tear down this Wall," he said, evoking US President Ronald Reagan's 1987 appeal to Soviet leader Mikhail Gorbachev at Berlin's Brandenburg Gate.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
