Deals

Dubai's Shuaa in Talks With Abu Dhabi Firm Amid Gulf Merger Wave

Shuaa shares surge 15%, poised for highest level in a month
Consolidation among Gulf financial institutions is picking up

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By Filipe Pacheco

March 24, 2019 at 8:14 AM UTC

Updated on

March 24, 2019 at 9:00 AM UTC

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Dubai’s Shuaa Capital PSC started talks for a potential combination with an Abu Dhabi entity, joining a stream of mergers in the Gulf’s financial industry. The shares surged.

The investment banking firm formed a working group "to review the commercial potential along with any legal and structural aspects of the transaction" with Abu Dhabi Financial Group, according to a statement. There is no certainty that the talks will result in a deal, it said.