| DUBAI, April 12
DUBAI, April 12 Dubai-listed investment bank
Shuaa Capital plans to move its headquarters to Abu
Dhabi, sources told Reuters on Thursday.
Shuaa, which has been based in the Emirates Towers for more
than 10 years, is set to move to Abu Dhabi Global Market (ADGM),
according to two sources familiar with the matter who spoke on
condition of anonymity as the matter is not public.
The move comes as Shuaa Capital's major shareholder Abu
Dhabi Financial Group (ADFG) seeks to reduce costs for the
investment bank, consolidate the bank with its affiliates, and
win mandates in Abu Dhabi, the sources said.
Shuaa Capital declined to comment when contacted by Reuters
The Emirates Towers houses the offices of Dubai's executive
offices of the emirate's ruler, Sheikh Mohammed bin Rashid
al-Maktoum, and of Dubai Group, whose subsidiary sold its 48.4
percent stake in Shuaa to ADFG in June 2016.
ADGM is located in the neighbouring emirate's new financial
free-zone on Al Maryah Island.
Shuaa's staff have been informed that they will have to move
to the company’s new premises by August, one of the sources
Staff levels at its offices in the Emirates Towers and DIFC
are expected to be reduced, the sources said, and shareholder
ADFG is also expected to move to ADGM, the source added.
Shareholders also plan to consolidate Shuaa with Abu Dhabi
investment firms Integrated Capital and Integrated Securities,
the source added.
The two companies are set to be acquired by Shuaa, according
to a filing on March 12, pending due diligence and regulatory
Last month Bahrain's GFH Financial Group said it may merge
(Editing by Jason Neely)