UAE’s SHUAA Capital introduces $100mn SPAC on NASDAQ

UAE’s SHUAA Capital introduces $100mn SPAC on NASDAQ

Dubai-based SHUAA Capital has successfully completed an initial public offering (IPO) of 10,000,000 units of its newly incorporated blank check company SHUAA Partners Acquisition Corp I at $10 per unit.

The $100 million Special Purpose Acquisition Company (SPAC) will be listed on the NASDAQ Global Marketplace and begin trading under the ticker symbol ‘SHUAU’.

SHUAA Partners Acquisition Corp I is incorporated to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses.

Each unit issued in the IPO contains 1 Class A common share and half of a redeemable warrant. Each whole warrant entitles the holder to purchase one Class A ordinary share for $11.50 per share after the realization of a business combination. Only whole warrants will be exercisable.

The company will focus on identifying and merging technology-based/enabled financial services businesses in the Middle East, North Africa, and Turkey (MENAT). The company is sponsored by a wholly-owned subsidiary of SHUAA, which recently led the successful listing of Anghami, the first Arab technology company in NASDAQ, through a similar SPAC transaction.

The ultimate goal will benefit from SHUAA’s unparalleled management and structural capabilities, as well as direct access to capital providers through SHUAA’s network owned by