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Dubai: Shuaa Capital, the Dubai-based asset management company, has launched a ‘digital wealth management division’, which targets opportunities with a new generation of tech-focussed investors. To head its new platform, Shuaa has roped in an ex-Google staffer to take the lead.
A recent report from the consultancy Knight Frank expects Middle East based high networth individuals to grow by 12 per cent between now and 2025. (These are individuals with $1 million and more to invest at any given time.) Of these, 57 per cent of ultra-HNIs – those with $5 million and over – will be in Saudi Arabia and another 23 per cent in the UAE.
“Our intention to launch a digital wealth platform is in line with our increasing focus on tech, which will be one of Shuaa’s top priorities going forward,” said Jassim Alseddiqi, Group CEO. “This includes transforming our asset and wealth management capabilities and client experience in ways we have never done before.”
Shuaa in the recent past has also spoken about launching a dedicated tech fund. It is also an investor in the Arabic music streaming portal Anghami, which will list on Nasdaq New York some time soon.
Shift to Shuaa
Had joins the company after having served as vice-president and regional head of digital solutions for the central Europe, Middle East and Africa territory at Visa. In Google, he was head of products marketing at Google’s Emerging Arabia, and also worked on market development of YouTube, Maps, Chrome and Navigation.