Dubai’s SHUAA Capital files with SEC for potential SPAC listing in NY

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DUBAI – Dubai-listed investment bank SHUAA Capital said on Tuesday it has filed a registration statement with the U.S. Securities and Exchange Commission for the launch of a $100 million to $200 million blank-check company that will be listed on the Nasdaq.

“SHUAA is now going through the final regulatory approvals following which a decision will be made to IPO the SPAC (special purpose acquisition company),” it said in a bourse statement.

A burgeoning dealmaking instrument, SPACs raise money to acquire a private firm with the purpose of taking it public, allowing the target to list more quickly on share markets than via traditional initial public offerings.

Abu Dhabi-headquartered Anghami, the Middle East’s rival to Spotify, last week listed on the Nasdaq, after merging with blank-check firm Vistas Media Acquisition Company.

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(Reporting by Hadeel Al Sayegh; Editing by Shailesh Kuber)