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27 February 2024

Dubai's Shuaa to expand credit finance unit to Saudi

By Reuters

Shuaa Capital, the investment bank undergoing a broad restructuring, is expanding its money-making credit finance business Gulf Finance Corp (GFC) into Saudi Arabia and may offer a stake in the unit to new investors, its chief executive said.

"It's the only business that makes money," Michael Philipp said in an interview on Tuesday.

"We're starting Saudi immediately. The investment will come from outside shareholders. I can bring brand new money at the Abu Dhabi and Saudi level. It's probably hundreds of millions of dollars," Philipp said.

 The company, which helped float ports operator DP World several years ago, plans to lay off 70 more employees mainly at its retail brokerage unit, bringing down overall staff strength to around 100. That number will exclude 80 employees at its GFC unit, Philipp said.