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HomeMiddle EastADFG gets regulatory approval to buy 48% stake in Shuaa Capital

ADFG gets regulatory approval to buy 48% stake in Shuaa Capital

Dubai’s Shuaa Capital said on Tuesday it has received regulatory approvals allowing Abu Dhabi Financial Group (ADFG) to buy a 48.36 percent stake in the investment bank.

Alternative investment firm ADFG agreed in June to acquire the stake from Dubai Banking Group, a subsidiary of Dubai Group.

Shuaa received approval from both the central bank and the stock market regulator, the bourse statement said, adding that it expected ADFG to execute the transaction on the Dubai stock exchange soon, without providing a date.

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