Shuaa Capital PSC is in discussions with Abu Dhabi Financial Group over a possible merger.

The two companies have formed working group to study a tie-up but there is no certainty that they will strike a deal.

As of 2018-end, Shuaa Capital's market value was approximately $207 million, with assets of about $575 million, according to Bloomberg News. Abu Dhabi Financial Group, meanwhile, manages over $20 billion in assets.