Abe Saad, Shuaa Partners' Managing Director, commented: "We are delighted to have received this licence as it underscores our commitment to be a 'best in class' private equity firm in the Middle East. We have ambitious plans for Shuaa Partners and we strongly believe that by operating within the realm of a world-class regulator, we gain a platform that allows us to raise more funds and reach a wider audience of investors."
Raed Kanaan, Vice-President at Shuaa Partners added: "The private equity industry in the Middle East is growing rapidly and the need to follow standards and abide by certain regulations has become imperative especially at a time when regional fund managers are absorbing a larger share of domestic savings and investments. We believe that the DIFC is the right approach for us".
Dr. Omar bin Sulaiman, Director General of Dubai International Financial Centre Authority commented: "We welcome Shuaa Partners to the DIFC. The private equity sector in the region is set for tremendous growth. Early indications show that private equity in the Middle East and North Africa region is set to double in size. Though this is a relatively small proportion of the global industry, there are definite signs of its coming of age here. The DIFC is the ideal platform to reach out into this vibrant and fast growing regional market. I wish Shuaa Partners all the success".
Shuaa Partners follows a long and distinguished track record of successful transactions in the Arab markets by Shuaa Capital. Its first fund, Shuaa Partners Fund I, L.P., which closed with $200 million of commitments in September 2005 aims to achieve capital appreciation through selected investments in the countries of the Gulf Cooperation Council, Lebanon, Jordan and Egypt.Shuaa Partners' licence comes at the heel of the DIFC licence granted to Shuaa Capital International on March 1, 2006. Shuaa Capital International was licenced to carry out full investment banking activities in the DIFC, thus becoming the first Arab and Regional investment banking institution to act as a Clearing Member on the Dubai International Financial Exchange (DIFX).
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