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Our History


History Timeline


SHUAA traces its roots to 1979 when the Arabian General Investment Corporation (AGICO) was established in the UAE by Emiri Decree No. 6 of HH Sheikh Rashid Al Maktoum to attract Arab savings for primary and secondary investment.  

24 History Timeline 1979


AGICO issues first share certificates to investors.

Stock Certificate 1980


In 1984, AGICO was listed on the Kuwaiti Stock Exchange.  

24 History Timeline 1984


Arab Gateway Fund was launched in December and became the first MENA region invested equity fund and our flagship fund, and is benchmarked against the S&P Pan Arab Composite Index. 

24 History Timeline 2000


In 2000 AGICO received approval from the UAE Central Bank to foray into financial services including asset management, corporate finance advisory and brokerage and to be listed on the Dubai Financial Market (DFM). The UAE SCA was also established in 2000.

History Sca


In April 2001, it completed its name and identity change from “AGICO” to SHUAA Capital. SHUAA is the Arabic acronym for Arabian General Investment Company and means “ray”.

24 History Timeline 2001


Emirates Gateway Fund was launched in April to invest in UAE equity markets and is benchmarked against the S&P UAE Composite Index.

24 History Timeline 2002


In 2004, SHUAA managed the IPO of Arab Technical Construction Company (“Arabtec”), the first ever family owned business in the UAE to go public and the public offering of Amlak Finance while client assets under management grew to AED 4.068 billion.

24 History Timeline 2004


Assets under management increased to AED 6 billion and SHUAA lead managed two IPOs on Dubai Financial Market (Aramex International and Arab Islamic Insurance) and was a co-lead manager on two IPOs on the London Stock Exchange  (Petrofac and Telecom Egypt).

Logos - Aramex, Petrofac, Egypt Telecom and Salama


SHUAA acquired a controlling interest in Gulf Finance Corporation as a private equity investment

24 History Timeline 2006


In the year 2007, SHUAA had 100% market share in UAE IPOs (as lead manager) and was second across the GCC with a 25% market share.  Globally, SHUAA ranked 18 in initial public offerings. 


Global financial markets meltdown.

Wall Street Journal - Front Page (Sept #2


Dubai Banking Group, whose ultimate parent is Dubai Holding, converted its SHUAA notes into equity, giving the group a shareholding of 48.4 per cent in SHUAA and an effective controlling interest.

Dubai Holding Logo _en


New Strategy announced and implemented to develop and extend Credit business with Gulf Finance as backbone. Other businesses restructured for existing opportunity.  SHUAA issues earnings guidance for first time and meets expectations. 

24 History 2011 2013


SHUAA exits retail brokerage business and builds its institutional capital markets business:  equities and fixed income sales and trading and UAE and Saudi equity research.


SHUAA Capital psc. and Cayan Group partner to create AED 1 bn Real Estate Investment Fund.


Landmark acquisition by ADFG of Dubai Financial Group’s 48.36% stake in SHUAA Capital, giving ADFG controlling interest in the integrated financial services firm. Mr. Jassim Alseddiqi takes the helm as Chairman of SHUAA Capital psc. 

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