Shuaa Capital for Financial Services intends to establish 3 blank check companies, each worth about $200 million, which will open the market for special purpose acquisition companies to investors in the Gulf.
According to Arab Net, Shuaa, which manages nearly $14 billion in assets, has approached investment banks to explore creating blank checks, or SPACs, to pursue deals in sectors Energy, Finance and Technology.
SPACs are expected to be listed in the United States. As Bloomberg sources said, it is scheduled to be this year, and will target companies in the Middle East and North Africa.
Blank check companies are companies that collect money from investors with the aim of merging with private companies that have actual activity to put them on the stock exchange more quickly. This type of company has become very popular last year as an easier and less scrutiny way to go public than an initial public offering.
Regional scarcity
The Middle East has so far seen only a few blank check companies. The popular music app Anghami is set to list on the Nasdaq Stock Exchange in New York through a merger with a blank check company.
This comes as Dubai-based FIM Partners, emerging and emerging markets asset manager backed by EFG Hermes, last week raised $200 million in an initial public offering of SPAC. on Nasdaq.
The Financial Times reported last week that Mubadala Investment Company is close to launching two SPACs with a focus on technology and healthcare.
