Dubai: Shuaa Capital, the Dubai-based asset management company, is to issue its first cash dividends since 2019. Shareholders will get a share of Dh76 million at 3 fils a share.
It was in mid-2019 that Shuaa went in for a merger with Abu Dhabi Financial Group. Latest results bear the imprint from that move – net profit for 2021 came to Dh125 million from a 168 per cent year-on-year increase.
"We remained focused on realising our growth strategy and the results are clearly evident in our F2020 performance, including our ability to pay our first dividend post-merger," said Fadhel Al Ali, Chairman. "What’s more, we are proud that Shuaa’s operations continue to support the success of regional businesses and economies while creating significant value for our investors.”
Assets under management were at $14.1 billion as of end 2020. “Despite significant valuation adjustments across the Group’s listed and unlisted assets and portfolios, the results benefited from three consecutive quarters of profit,” Shuaa said in a statement.
"2020 results demonstrate both the resilience of SHUAA’s business model and the strong strategic progress made against a backdrop of COVID-19 challenges and the Group’s transformational programme," the company said in a statement.
The fund now has over $70 million in commitments.
This fund was followed by three further ones, all launched under an Incorporated Cell Company (ICC) Fund Platform on Abu Dhabi Global Market (ADGM). These have now reached $100 million in commitments.
