Dubai financial services firm Shuaa Capital PSC is considering setting up three blank-check companies of around $200 million each, Bloomberg reports, citing people familiar with the matter. The move would open up the booming market for SPACs to Gulf investors.
Shuaa, which manages close to $14 billion in assets, approached investment banks to explore setting up the SPACs to pursue deals in the energy, finance and technology sectors, the people said, declining to be named because the information isn’t public.
The SPACs are expected to list in the U.S. this year and will target companies in the Middle East and North Africa, the people said. Shuaa’s spokesman declined to comment.
Investor enthusiasm for SPACs is finally catching on in the Middle East at a time when the momentum for the vehicles has waned in the U.S. after the lackluster share performance of recent deals and greater regulatory scrutiny. Read more.