Shuaa Capital fully settled AED 500 mn (USD 136 mn) in margin facilities with multiple UAE banks, a press release (pdf) reads. These facilities are linked to a fund based in Abu Dhabi Global Market (ADGM) and overseen by a Shuaa subsidiary under FSRA regulation, according to the statement.

Shuaa is undergoing major restructuring after substantial losses in 2023: The investment bank reached an agreement with bondholders in April to stretch payment terms for approximately USD 150 mn worth of bonds after the bank’s losses deepened five-fold to AED 866 mn in 2023. The company has also placed a new management team as part of its capital optimization plan.

REMEMBER-Shuaa Capital appointed Badr Al Olama as chairman of its board of directors. Olama, who formerly served as an executive at Mubadala, was re-elected as an independent board member at Shuaa at the end of April, after former chairman Fadhel Al Ali stepped down from the position. Nabil Ramadhan was appointed as vice chairman and Ahmed Alahmadi was appointed as the company’s managing director, while Badr Al Olama was tapped as chairman.

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