Dubai’s Shuaa Capital acquires majority stake in Souqalmal

Dubai’s Shuaa Capital acquires majority stake in Souqalmal

Shuaa Capital, a Dubai-based asset management and investment banking platform, has completed a strategic investment in UAE-based fintech, Souqalmal. The investment will allow Souqalmal to execute its growth plan over the next 24 months. Ambareen Musa, founder and CEO of Souqalmal, will continue to lead the business and oversee the expansion of its services. Shuaa joins existing strategic investors Riyad Capital and UK comparison website GoCompare, which will remain shareholders in Souqalmal, a statement said. Meanwhile, the investment supports Shuaa’s strategy to increase its digital offerings and enhance personal finance and investment opportunities for consumers. Souqalmal launched the first corporate financial education programme for employees last year through its MoneyDoctor Programme, bolstering the vision of allowing customers to educate themselves, get instant pre-approval on their credit products, track their spending and grow their wealth, all on one platform. Companies such as MAF, Careem, Emirates Catering offer the MoneyDoctor Programme to their employees to ensure financial health. Fawad Tariq Khan, MD and head of investment banking at Shuaa Capital, said: “We are excited to join Souqalmal and Ambareen on their journey to becoming an interactive personal finance management platform. We believe that Souqalmal and its financial education arm have the ability