Shuaa Capital to sell Alkout, Amwal, Septech stakes

UAE-based investment bank Shuaa Capital plans to exit from proprietary investments as it focuses on fee-generating business to achieve profit, Bloomberg has reported. Sameer Al-Ansari, Shuaa's CEO, said the bank is in negotiations to sell stakes in Kuwait's Alkout Industrial Projects Co, Qatar's Amwal, and UAE-based Septech Holdings in the next 12 to 18 months. Shuaa had Dhs1.2bn ($326.7m) worth of investments at the end of last year, down from Dhs2.4bn the previous year after exits and provisions, he said.