Shuaa inks alliance with UAE's savings scheme

Shuaa Capital and savings scheme National Bonds formed a strategic alliance under which the investment bank will offer advisory and brokerage services to the sharia-compliant firm, the two companies said on Monday.

The partnership is also aimed at expanding the customer bases of both companies and promoting a savings culture in the United Arab Emirates, the companies said in a statement.

The tie-up will "help some of our clients shift from risk exposure investments to risk control," Khalifa Al Daboos, chairman of National Bonds, said.

No financial details were provided in the statement.

Shuaa said it was looking to close one or more acquisitions by the end of the year after sources told Reuters last month that it had targeted a number of companies, including brokerages in Egypt, for potential purchases.

Dubai sovereign wealth fund, Investment Corporation of Dubai (ICD), took control of National Bonds in March when it brought out the remaining 50 percent it didn't own from other local entities including Dubai Holding and Emaar Properties .

This came after the savings scheme invested heavily in Dubai's troubled real estate sector - a strategy which saw its chief investment officer leave in May 2010. Reuters