Shuaa Capital eyes establishing $600m SPACs

Shuaa Capital eyes establishing $600m SPACs

Dubai – Mubasher: Shuaa Capital is studying the launch of three special-purpose acquisition companies (SPACs) of about $200 million each, sources told Bloomberg.

The Dubai-based financial services company is exploring with banks the establishment of SPACs to pursue deals in the energy, finance, and technology sectors, the sources referred.

Seeking to target companies in the Middle East and North Africa, the blank-check companies are expected to list in the US this year.

Blank-check companies aim to raise money from investors to engage in a merger or acquisition with private companies to transform them into public.

In the recent period, the Middle East has recorded a number of SPACs, including the listing of Abu Dhabi-based music firm Anghami on the Nasdaq stock exchange in New York by merging with a blank-check company.