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Shuaa’s portfolio graduatesMENA

Shuaa’s portfolio graduates

Onto the bourse you go! Dubai-based asset management firm, Shuaa Capital, is bidding adieu to two of its portfolio companies as it announced on Wednesday that it’ll be listing the subsidiaries on the Dubai Financial Market.

Shuaa Capital oversees almost $14b worth of assets and is reportedly in discussions to list Stanford Marine Group and NCM Investment from its portfolio. Stanford Marine Group provides marine engineering services catered to the oil and gas sector, while NCM Investment is an online brokerage platform.

Shuraa is targeting to set them off towards the IPO stage by early 2022, with both firms having a combined valuation of $545m. As ESG mindsets have become widespread, the move to divest from an oil and gas company might be Shuaa catering to changing investor mindsets. Whereas NCM’s listing as a FinTech platform falls in line with Dubai’s recent $272m Future District Fund established to encourage tech IPOs.

why it matters

The UAE has become a listing hotspot recently as strong government initiatives push companies to make the stock exchange their second home. Shuaa Capital’s decision is one of many across the market, as news emerged earlier in November that Dubai’s Electricity and Water Authority is considering the public route too.