February 23, 2024

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Dubai’s Shuaa bolsters funding financial institution with Credit score Suisse hires

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Dubai: Dubai-based Shuaa Capital is trying to rebuild its funding banking franchise by bringing in former Credit score Suisse bankers amid rising deal exercise within the Center East.

Shuaa in Might appointed Wafik Ben Mansour, a Credit score Suisse managing director who spent 15 years on the Swiss lender, as head of its funding financial institution. The agency has now additionally employed one other Credit score Suisse veteran, Rustam Rizvanov, Shuaa’s CEO Fawad Tariq Khan mentioned in an interview.

With the hires, the agency is rising as one in all a number of banks benefiting from the Swiss financial institution’s takeover by UBS Group earlier this yr.

“From our perspective, we noticed it as a possibility to get good expertise and, secondly, probably get a workforce,” Khan mentioned. “We profit from the truth that worldwide funding banks have been slicing again.”

Shuaa is wanting so as to add two to a few extra individuals and is contemplating extra candidates from Credit score Suisse in addition to funding professionals from asset managers together with Saudi Arabia’s sovereign wealth fund, Khan mentioned.

Its newest spherical of hiring comes amid a flurry of capital markets exercise within the Center East. Buoyed by excessive oil costs, state-backed regional entities have gone on an acquisition spree, and there’s been a rush of inventory market listings in the principle monetary facilities of Dubai, Abu Dhabi and Riyadh.

Companies have been bulking as much as cope. Abu Dhabi Industrial Financial institution employed former Citigroup and Natixis bankers to key positions in current months, whereas boutique companies like Moelis & Co. and Rothschild & Co. have additionally been steadily including employees.

“The way in which I see it’s we construct a powerful advisory workforce and we pair it up with our gross sales and buying and selling platform,” Shuaa’s Khan mentioned. “Then we’re capable of tackle mandates particularly within the debt capital markets and M&An area that others are unable to do as successfully or wouldn’t do.” The agency will goal household places of work, mid-size offers and enlargement in Saudi Arabia, he mentioned.

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