SHUAA Capital’s managing Director Jassim Alseddiqi on Monday announced his decision to step down from his role and reposition his stake in SHUAA Capital, paving the way for new shareholders. Alseddiqi is one of the major shareholders in the company with 25% stake.
The company’s senior executive is planning to further his career in tech sector, research, and academia.
“The tech sector offers a world of constant evolution, opportunities, and uncharted territories. Research and academia offer the chance to dive deep into areas yet to be explored. These fields together promise an adventure that I am excited to embark upon, fuelled by the desire to learn, contribute, and innovate,” he said.
He said: “As I embark on this new journey, I want to express my deepest appreciation to all of you for being a part of my journey thus far. The relationships I have built, the moments we’ve shared, and the successes we’ve achieved together are treasures I will carry forward,” he said.
“The decision is in line with this transition and my evolving direction and endeavours, and I am confident that under the new shareholding, SHUAA Capital will soar to greater heights,” he said in a post in Linkedin.
He said that he was standing at the precipice of a new horizon, an entirely new chapter in his life.
“I am writing to share with you my decision to step down from my role as Managing Director of the esteemed asset management and investment bank, SHUAA Capital. This departure, however, is not a farewell but the commencement of a fresh journey in an entirely different direction,” he said.
“Throughout my tenure, I’ve had the great privilege to witness, participate in, and lead a company that has played a significant part in transforming the financial landscape of the Middle East. Our organisation has been at the forefront of cutting-edge strategies, innovative solutions, and conscientious investments, all of which have, without a doubt, played a pivotal role in elevating our regional economy and setting a gold standard in financial services,” he explained.
According to him, none of this would have been possible without the collective effort of each and every one, the company’s exceptional team, its trusted partners, valued clients, and supportive shareholders. Their relentless dedication, integrity, and commitment to the company’s shared vision have been the cornerstone of SHUAA Capital’s success.
“As I step back, I am filled with a sense of pride in our many accomplishments and a deep gratitude for the experiences and lessons this journey has afforded me. However, I have always been someone who thrives on challenges, and the relentless curiosity inside me is urging me to explore a new path: a foray into the world of technology, research, and academia,” he said.
In closing, while this is a significant change, it is not a goodbye. I look forward to remaining connected with you all, albeit in a different capacity, he added.
According to a report in Bloomberg, shareholders including Alseddiqi, who collectively own more than 50% of the bank’s shares, are in talks with several potential advisers including Lazard Ltd. The shareholders’ preference would be for a single strategic buyer or consortium, but might eventually decide not to sell, or only part with some of their holdings, the report citing sources familiar with the developments.
Founded in 1979, SHUAA Capital has been involved in landmark transactions such as the $5 billion Dubai IPO of global ports operator DP World in 2007. In recent years, the firm has undergone several restructurings, ownership, and management changes, Bloomberg report said.
More recently, the company was trying to rebuild its investment banking franchise again by hiring former Credit Suisse bankers. The firm’s market capitalisation exceeds $272 million, and it has close to $5 billion in assets under management, the report added.