Dubai – Mubasher: Shuaa Capital completed the sale of its Saudi hospitality asset portfolio, managed by Shuaa Capital Saudi Arabia, to Sumou Holding for SAR 515 million.
The portfolio includes three prime hospitality properties strategically located in Riyadh, Jeddah, and Dammam, according to a press release.
In line with its long-term strategy to enhance asset allocation and portfolio management, this transaction is part of the company’s objectives to improve investor returns and refine its investment focus.
Wafik ben Mansour, CEO of Shuaa Capital, said: "This strategic move reinforces our commitment to maximizing value for our investors. We are confident that, under Sumou Holding's stewardship, these assets will continue to thrive and grow."
The DFM-listed company owns a 33% stake in the portfolio, and the transaction is expected to generate a positive impact on Shuaa P&L and Balance Sheet of AED 19.60 million.
Shuaa’s share of the proceeds will be used to lower liabilities and boost its balance sheet, further positioning the company for future growth and success.
Last December, Shuaa Capital greenlighted Mandatory Convertible Bond (MCB) tranches with a total value of up to AED 425.50 million to anchor its position as a leader in the MENA financial markets.
