SHUAA Announces Successful Sale of Saudi Hospitality Portfolio for SAR 515 million

SHUAA Capital psc (DFM: SHUAA), the leading asset management and investment banking platform in the region, has successfully completed the sale of its Saudi hospitality asset portfolio, managed by SHUAA Capital Saudi Arabia, a wholly owned subsidiary of SHUAA, to Sumou Holding for SAR 515 million. The portfolio comprises three prime hospitality properties strategically located in Riyadh, Jeddah, and Dammam.

This divestiture is part of SHUAA Capital’s ongoing strategy to enhance investor returns and refine its investment focus, aligning with its long-term objectives of optimizing asset allocation and portfolio management.

Commenting on the transaction, Wafik Ben Mansour, CEO of SHUAA Capital, said, “We are pleased to announce the successful exit of our hospitality assets following a rigorous and
transparent sale process. 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”.

SHUAA Capital 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 19.6m. SHUAA’s share of the proceeds will be used to reduce liabilities and strengthen its balance sheet, further positioning the company for future growth and success.