Shuaa Capital takes majority stake in fintech Souqalmal

Shuaa Capital PSC acquired a majority stake in financial technology company Souqalmal.com LLC FZ.

The price of the acquisition and the size of the stake were not disclosed.

Shuaa joins Riyad Capital and U.K. comparison website GoCompare, which will remain shareholders in Souqalmal, the United Arab Emirates-based asset manager said in a March 21 release.

Souqalmal's CEO and founder, Ambareen Musa, will continue to lead the business.

The transaction will enable Souqalmal to expand its services as part of a plan that will run for the next 24 months, Shuaa Capital added.