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UAE-based Shuaa Capital to sell market making business to Al Ramz

Shuaa Capital PSC agreed to sell its market-making business to Al Ramz Corporation Investment and Development Company PJSC, as part of its plans to exit non-core businesses in the United Arab Emirates.

The deal will see Shuaa transfer its market making activities and related personnel to Al Ramz. It comes after Shuaa completed all procedures related to the sale of its securities brokerage unit Shuaa Securities LLC in November 2019.

Additionally, Shuaa accepted the resignation of Fawad Khan from its board of directors and appointed Abubaker Alkhoori to be his replacement.