SHUAA Capital, an integrated financial services firm headquartered in the UAE, announced that its real estate asset management division will be managing the development of a new mixed-use skyscraper on Sheikh Zayed Road, Dubai.
Details for the AED1.5 billion project will be unveiled at next week’s Cityscape Global Conference and Exhibition in Dubai.
The project is intended to serve the ever-growing demand in the UAE’s residential, tourism and hospitality sectors. SHUAA’s real estate specialised asset management division currently manages assets in excess of AED3bn, spread across both the UAE and Saudi markets.
Fawad Tariq-Khan, General Manager of SHUAA Capital, said: “SHUAA’s real estate business line has proven expertise and a strong track record in developing projects, managing funds, and forming business alliances, both in the UAE and Saudi markets. We intend to utilise this strength to the fullest as we continue to roll-out our expansion plans. This project is set to complement Sheikh Zayed Road’s picturesque skyline and we look forward to the official unveiling at Cityscape.”
Established in 1979, SHUAA Capital services corporate and institutional clients, governments, family businesses and high-net-worth-individuals. The second quarter of 2017 saw SHUAA Capital reporting a 124 per cent increase in net profit, reaching AED12.1million on revenues of AED30.4m, with profitability driven by proprietary investments, advisory transactions and management fees of real estate funds. For the six months ending June 30, 2017, the firm reported a net profit of AED36.8m.