Dubai – Mubasher: SHUAA Capital on Sunday confirmed news that it has launched an SAR 1 billion ($270 million) project in Saudi Arabia.
“This is regarding an existing project that the Group is managing through its subsidiary SHUAA Capital Saudi Arabia,” the company said in a statement to the Dubai Financial Market (DFM).
On Thursday, news media reported that SHUAA had launched a residential complex in Saudi Arabia called Wadi Al Hada 3. The report came during an interview with SHUAA’s chairman during the Cityscape Global 2017 event held in Dubai.
SHUAA also highlighted that it had announced the news of the Saudi project in a prior filing pertaining to SHUAA’s results for the first quarter of 2016.
During the Cityscape event, SHUAA Capital also unveiled plans for a new skyscraper, designed as a mixed-use hotel and residential tower and named ‘Dubawi’, housing around 500 hotel rooms and serviced apartments sharing amenities with the hotel, added to over 500 apartment units and penthouses.
SHUAA’s CEO Jassim Alseddiqi described Dubawi as a “bold statement about both the ambition and the capabilities”.
SHUAA last reported turning a profit in the second quarter of 2017 with AED 12.1 million ($3.29 million) against AED 50.8 million ($13.83 million) losses in the year-ago period.
In terms of the first half of the year, SHUAA achieved its highest profits since 2009 with AED 36.8 million in profits versus AED 78.3 million in losses in the prior-ago period.
