Shuaa appoints new chief executive as Jassim Alseddiqi takes on board position

Mr Alseddiqi, who remains Shuaa's largest shareholder with a 29.9% stake, will now serve as its managing director

Dubai investment bank Shuaa Capital manages $14 billion in assets. Pawan Singh / The National

Dubai investment bank Shuaa Capital appointed Fawad Khan as its new chief executive on Wednesday, with Jassim Alseddiqi, the current chief executive, taking on a board position to become managing director effective immediately.

Mr Khan, who is head of investment banking at Shuaa, will retain his current title, the company said in a statement to the Dubai Financial Market, where its shares are traded.

Mr Alseddiqi remains Shuaa's largest shareholder with a 29.9 per cent stake. He will also remain the chairman of Salama Insurance and Eshraq Investments.

“From leading ADFG (Abu Dhabi Financial Group) since its establishment in 2011 to the group’s transformational merger with Shuaa, Jassim has created an investment powerhouse with significant assets under management and an expanded investment portfolio,” Fadel Al Ali, chairman of Shuaa Capital, said.

“Jassim’s leadership has been instrumental in consolidating Shuaa's position as one of the largest and most profitable investment banking and asset management firms in the UAE and across the Mena [Middle East and North Africa] region.”

Mr Alseddiqi played an important role in “charting a new course” for Shuaa after he took over as chairman of the investment bank, which struggled with losses until 2017, the statement said.

In 2019, he led the complex reverse merger between Shuaa and ADFG to create a business with both an asset management and investment banking platform to diversify its revenue streams.

“Our announcement is the result of a deliberate and thoughtful succession planning process,” Mr Al Ali said.

“Shuaa is stronger than ever — with an exciting pipeline of investments — so the timing is right to implement this succession plan.”

Shuaa, which manages $14 billion in assets, has made several key transactions in recent years.

They include the listing of Anghami, the first Arab technology company on Nasdaq, through a special purpose acquisition company (Spac), the management of a $50 million structured sukuk for UAE-based AgriTech firm Pure Harvest Smart Farms, and the acquisition by its managed fund of Stanford Marine and Allianz Marine and Logistics Services Holding to create the world's fourth-largest operator of offshore support vessels.

Shuaa also launched a $100m initial public offering as the first of its three planned Spacs on Nasdaq New York in March.

“This transition [in leadership] is the next logical step in Shuaa's journey to become the pre-eminent investment banking and asset management platform in the region,” Mr Alseddiqi said.

Mr Alseddiqi founded Abu Dhabi Capital Management, as ADFG was then called, as an alternative asset manager in 2011.

After launching the region's first secondary private equity fund, he followed up with successful investment strategies in alternative debt, a public markets fund (Goldilocks), the acquisition in 2013 of Northacre, a UK-listed real estate developer, and the acquisition of a 48 per cent controlling stake in Shuaa Capital in 2016.