“In this context, we acquired another vessel company within the Thalassa fund, launched Shuaa Venture Partners and successfully raised a $100 million SPAC during the quarter, demonstrating our ability to execute effectively in a challenging environment. “
Last year, Shuaa shut down a non-core unit and transferred all residual assets to its main investments, “to be managed together with the group’s other assets”. In the first quarter of 2022, the company worked proactively to reduce these items with several small divestments completed, underway or in progress.
“The group’s leverage ratio continues to decline with adjusted debt MAD 212 million lower than 12 months ago,” the company said. “The reported debt ratio decreased by 22% net to 112% during the quarter, making it the lowest ratio since 2019.”
* In the Group’s asset management segment, the debt vertical announced in March the launch of a regional risk debt fund. SHUAA Venture Partners will provide alternative capital solutions to high growth companies in the GCC.
* The private markets vertical saw the acquisition of Allianz Marine and Services Holding – through managed fund Thalassa – and the second in the offshore supply vessel space following the 2020 purchase of Stanford Marine Group. This has created the largest portfolio of Offshore Support Vessels (OSVs) in the region and the fourth largest fleet in the world.
* Shuaa’s investment banking segment raised $100 million for a Nasdaq-listed SPAC to support the future listing of a Middle Eastern tech company, “helping to expand the group’s support for regional talent while providing clients with access to high-quality investment opportunities.”
* The Group also holds a strategic investment in UAE-based fintech Souqalmal, which will support Shuaa’s strategy to expand its digital offerings, expand personal finance and investment opportunities for consumers.