SHUAA Capital PSC
SHUAA Capital P.S.C. is a public shareholding company established in Dubai, United Arab Emirates, under Emiri Decree No. 6 of 25 April 1979, originally as the Arabian General Investment Corporation before it took the SHUAA Capital name in 2001. The company is licensed by the UAE Securities and Commodities Authority under registration number 703036 and holds Dubai commercial licence No. 200219; its shares trade on the Dubai Financial Market under the ticker SHUAA, and its registry status is listed as active.
SHUAA Capital operates as a diversified financial services platform organised, per its own reporting, into three segments: Asset Management, Investment Banking and Corporate. The Asset Management business runs regional equity, fixed-income and credit funds and discretionary portfolios, alongside private markets, real estate fund management and Shari’a-compliant debt investment strategies. The Investment Banking business provides M&A and restructuring advisory, equity and debt capital markets execution, and a fixed-income sales and trading desk. A separate Real Estate business manages development and asset-management mandates for projects in the UAE, the UK and Saudi Arabia. The company’s registered head office is at The H Hotel, Office Tower, Dubai, and it also maintains operations in Abu Dhabi Global Market and in Riyadh, Saudi Arabia.
SHUAA Capital’s present form dates to a 2019 reverse merger with Abu Dhabi Financial Group, which combined the two firms into the region’s largest listed alternative-asset manager and investment bank at the time. The years that followed were financially difficult: the group reported a net loss of AED 1,155 million for the year ended 31 December 2023, and its auditor flagged a material uncertainty over going concern tied to loan covenant breaches and accumulated losses. A net loss of AED 274 million followed in 2024. Through 2024 and 2025 the group carried out a balance-sheet restructuring, converting Mandatory Convertible Bonds into ordinary shares at AED 0.32 per share and settling part of its remaining note liabilities, which lifted total equity to AED 554 million by 31 December 2025 from AED 41 million a year earlier and cut its debt-to-equity ratio to 0.7x from 24x. For the year ended 31 December 2025, SHUAA Capital reported total operating revenue of AED 78.8 million and a net profit attributable to shareholders of AED 156 million, reversing the prior year’s loss. Nabil Al Rantisi was appointed Group Chief Executive Officer effective 1 September 2025, succeeding Wafik Ben Mansour.
- Company fundamentals
- Corporate linkage & group structures
- Digitized company financials
- Firmographics — websites, social profiles, revenue and employee estimates
Shareholders
5
Shareholders of SHUAA Capital P.S.C.
SHUAA Capital P.S.C. is a publicly traded, widely held company, and its disclosed shareholder base has changed substantially since 2023. Zavia’s registry snapshot (dated 2 August 2026) lists ten reportable holders, the largest five of which are all index and exchange-traded funds – iShares MSCI UAE ETF (8.97%), DFA Emerging Markets Small Cap Series (8.70%), SPDR Emerging Markets Small Cap ETF (6.78%), College Retirement Equities Fund-Stock Account (6.51%) and SPDR MSCI ACWI IMI UCITS ETF (1.68%) – rather than a single controlling investor. This is a marked change from the position after the company’s 2019 merger with Abu Dhabi Financial Group, when Jassim Alseddiqi was the largest reported shareholder, holding close to 29.9% of the company as of mid-2023. Mr Alseddiqi stepped down as Managing Director in August 2023 and progressively sold down his position, reducing his stake to roughly 9% by September 2023 and to below the 5% public-disclosure threshold later that year. The number of shares outstanding has also grown materially since then: in the first quarter of 2025 alone the company issued more than 1.1 billion new ordinary shares at AED 0.32 per share on conversion of Mandatory Convertible Bonds, further diluting all pre-existing holdings.
Ultimate beneficial ownership
No individual or entity meeting an ultimate-beneficial-owner threshold is currently disclosed for SHUAA Capital P.S.C. Its former largest shareholder, Jassim Alseddiqi, no longer holds a reportable stake following the 2023 disposals described above, and no successor shareholder holding a comparable position has been identified in the sources reviewed for this profile.
Data availability
UAE-listed companies disclose only shareholders above the Dubai Financial Market’s reporting threshold, so this is a major-shareholders-only view rather than a complete register, and the underlying holdings can move between snapshot dates: the registry figures above are dated 2 August 2026, while the Alseddiqi disposal figures date to August-September 2023.
Sources
Zavia company registry snapshot, 2 August 2026. The National, “Shuaa’s top shareholder Jassim Alseddiqi to cut stake and step down as MD,” 14 August 2023 (thenationalnews.com). SHUAA Capital P.S.C., condensed consolidated interim financial information for the three months ended 31 March 2025.
Registry feed — rows exactly as filed with Ministry of Economy & Tourism — National Economic Register / Emirate-level DEDs, including entries the profile above does not cover.
| Shareholder | Type | Holding | Source Document |
|---|---|---|---|
| iShares MSCI UAE ETF | 9% | Ministry of Economy & Tourism — National Economic Register / Emirate-level DEDs | |
| DFA Emerging Markets Small Cap Series | 8.7% | Ministry of Economy & Tourism — National Economic Register / Emirate-level DEDs | |
| SPDR (R) Idx Shares-SPDR (R) Emerging Markets Small Cap ETF | 6.8% | Ministry of Economy & Tourism — National Economic Register / Emirate-level DEDs | |
| College Retirement Equities Fund-Stock Account | 6.5% | Ministry of Economy & Tourism — National Economic Register / Emirate-level DEDs | |
| SSgA SPDR ETFS Europe I-SPDR MSCI ACWI IMI UCITS ETF | 1.7% | Ministry of Economy & Tourism — National Economic Register / Emirate-level DEDs |
Officers
13
Directors and officers of SHUAA Capital P.S.C.
SHUAA Capital P.S.C.’s board was re-elected and refreshed by shareholders on 29 April 2024: Badr Al-Olama continues as Chairman, Nabil Ramadhan was elected Vice Chairman, Ahmed Al Ahmadi continues as Managing Director, and Hamda Eid AlMheiri and Darwish Alketbi serve as directors. On the executive side, the company’s own website currently names Nabil Al Rantisi as Group Chief Executive Officer, a role he took up on 1 September 2025 after his predecessor, Wafik Ben Mansour, moved to a Senior Advisor role on the board. Other named members of the current management team include Ziad Mansour (Chief Operating Officer), Halim Abou Rjaily (Group Chief Legal Officer), Islam Mahrous (Chief Compliance Officer), Ahmad Odeh (Finance Director) and Kareem Murad (Head of Investment Banking). Zavia’s own registry snapshot separately lists Wafik Ben Mansour as Chief Executive Officer and other officer names that no longer match the company’s current website; that registry data pre-dates the September 2025 leadership change and should be read as historical rather than current. Nationality is not disclosed for any of these individuals in the sources reviewed.
Recent officer changes
- Nabil Al Rantisi was appointed Group Chief Executive Officer effective 1 September 2025, succeeding Wafik Ben Mansour, who was named Senior Advisor to the Board (source: SHUAA Capital company announcement, 25 August 2025).
- The board was re-elected at the company’s annual general meeting on 29 April 2024, with Badr Al-Olama re-elected Chairman, Nabil Ramadhan newly elected Vice Chairman, and Darwish Alketbi newly elected as a director (source: company AGM announcement, 29 April 2024).
- Jassim Alseddiqi stepped down as Managing Director in August 2023 (source: The National, 14 August 2023).
Data availability
The UAE does not require public disclosure of directors’ or officers’ nationality, so this field is marked not disclosed for every individual named above. Board information reflects the 29 April 2024 AGM result; management-team information reflects the company’s own website as reviewed in September 2026 and carries no individual appointment dates other than the CEO transition.
Registry feed — rows exactly as filed with Ministry of Economy & Tourism — National Economic Register / Emirate-level DEDs, including entries the profile above does not cover.
Group Structure
Group structure of SHUAA Capital P.S.C.
SHUAA Capital P.S.C. sits at the top of its own group; no parent company was found for it in the sources reviewed. The company’s present form was created by a 2019 reverse merger with Abu Dhabi Financial Group (“ADFG”), which combined the two firms into a single listed group rather than leaving SHUAA as a subsidiary of ADFG. Zavia’s own corporate-linkage data returns no parent, subsidiary or ownership record for the company. SHUAA’s own December 2023 group profile separately names two other operating addresses under the SHUAA brand: SHUAA GMC Limited, based in Abu Dhabi Global Market, and SHUAA Capital Saudi Arabia cjsc, based in Riyadh. Ownership percentages for these two entities are not disclosed in the materials reviewed, so they are best described as Group-affiliated entities rather than confirmed direct subsidiaries.
Verified corporate relationships
| Entity | Country | Registration number | Relationship | Ownership | Status | Information date |
|---|---|---|---|---|---|---|
| SHUAA GMC Limited | United Arab Emirates (Abu Dhabi Global Market) | Not disclosed | Affiliate | Ownership percentage not disclosed | Active per company materials | December 2023 |
| SHUAA Capital Saudi Arabia cjsc | Saudi Arabia | Not disclosed | Affiliate | Ownership percentage not disclosed | Active per company materials | December 2023 |
Recent structural changes
The only material structural event identified is the 2019 reverse merger between SHUAA Capital P.S.C. and Abu Dhabi Financial Group, which created the combined group in its current form. No other acquisitions, disposals or reorganisations affecting the corporate structure were found in the sources reviewed for this profile.
Data availability
Corporate-linkage disclosure for SHUAA Capital P.S.C. is partial: Zavia’s registry-linkage data found no records, and the entities named above come only from the company’s own promotional materials rather than a filed subsidiary register, so their registration numbers and ownership percentages could not be independently verified.
Get complete shareholder and officer records, ultimate beneficial owner resolution, and ongoing ownership monitoring.
Frequently Asked Questions
What does SHUAA Capital P.S.C. do?
SHUAA Capital P.S.C. is a Dubai-based, publicly listed diversified financial services firm operating an Asset Management business (public and private market funds, real estate and debt investments) and an Investment Banking business (advisory, capital markets execution and fixed-income sales and trading), reported alongside a Corporate segment.
Where is SHUAA Capital P.S.C. registered and licensed?
SHUAA Capital P.S.C. was established in Dubai, United Arab Emirates, under Emiri Decree No. 6 of 25 April 1979, and is licensed by the UAE Securities and Commodities Authority under registration number 703036, with Dubai commercial licence No. 200219.
On which exchange does SHUAA Capital trade, and under what ticker?
SHUAA Capital P.S.C. trades on the Dubai Financial Market (DFM) under the ticker symbol SHUAA.
Who is the current CEO of SHUAA Capital P.S.C.?
Nabil Al Rantisi has been Group Chief Executive Officer of SHUAA Capital P.S.C. since 1 September 2025, succeeding Wafik Ben Mansour, who moved to a Senior Advisor role on the board.
Who is the Chairman of SHUAA Capital's board of directors?
Badr Al-Olama is Chairman of SHUAA Capital P.S.C., a position he was re-elected to by shareholders at the company's annual general meeting on 29 April 2024.
Who are SHUAA Capital's largest disclosed shareholders?
As of Zavia's 2 August 2026 registry snapshot, SHUAA Capital's largest disclosed holders are index and exchange-traded funds, including the iShares MSCI UAE ETF (8.97%) and the DFA Emerging Markets Small Cap Series (8.70%); no single shareholder currently holds a controlling stake.
Did SHUAA Capital merge with Abu Dhabi Financial Group?
Yes. In 2019, SHUAA Capital P.S.C. completed a reverse merger with Abu Dhabi Financial Group (ADFG), combining the two firms into what was, at the time, one of the region's largest listed asset-management and investment-banking platforms.
What was SHUAA Capital's financial performance for 2025?
SHUAA Capital reported total operating revenue of AED 78.8 million and a net profit attributable to shareholders of AED 156 million for the year ended 31 December 2025, reversing a net loss of AED 274 million reported for 2024.
Did SHUAA Capital face a going-concern warning from its auditors?
Yes. In its audited consolidated financial statements for the year ended 31 December 2023, SHUAA Capital's auditor, PricewaterhouseCoopers, identified a material uncertainty over going concern linked to a net loss of AED 1,155 million, accumulated losses of AED 829 million and loan covenant breaches.
How did SHUAA Capital address its going-concern issues?
During 2024 and 2025 SHUAA Capital carried out a balance-sheet restructuring, converting Mandatory Convertible Bonds into ordinary shares at AED 0.32 per share and settling part of its outstanding note liabilities, which raised total equity to AED 554 million by 31 December 2025 from AED 41 million a year earlier and reduced its debt-to-equity ratio from 24x to 0.7x.
Does SHUAA Capital have operations outside Dubai?
According to the company's own group profile, SHUAA operates additional offices under the SHUAA brand at Abu Dhabi Global Market (SHUAA GMC Limited) and in Riyadh, Saudi Arabia (SHUAA Capital Saudi Arabia cjsc), alongside its Dubai head office; ownership percentages for these entities are not publicly disclosed.
What happened to SHUAA Capital's former top shareholder, Jassim Alseddiqi?
Jassim Alseddiqi, previously SHUAA Capital's largest shareholder with close to a 29.9% stake, stepped down as Managing Director in August 2023 and progressively sold down his holding to below the 5% public-disclosure threshold by later that year.
What business segments does SHUAA Capital report?
SHUAA Capital reports three operating segments: Asset Management, Investment Banking and Corporate, alongside a separate Real Estate business covering development and asset-management mandates in the UAE, the UK and Saudi Arabia.