SHUAA CAPITAL EXTENDS ITS GRATITUDE TO FADHEL AL ALI

United Arab Emirates, 24 April 2024: Shuaa Capital psc (DFM: SHUAA) today announced the departure of Mr Fadhel Al Ali at the end of his statutory term as Chairman, a position he has held since July 2019. 

Mr Al Ali led Shuaa Capital through multiple phases of growth and his strong leadership played a significant role at key junctures in the Company’s development, including last week’s agreement with noteholders to amend the terms of a USD150 million bond issued by a Shuaa-affiliated SPV. 

Acting CEO Wafik Ben Mansour said: “We are profoundly grateful to Fadhel for the strategic leadership he has brought to the Company over nearly five years. There are few people with his stature and breadth of experience, and we have been fortunate to have him at the helm of Shuaa Capital. We wish him every success and will continue to seek his advice as a thought leader in the community.” 

The Company also announced the re-election of three independent members to its board of directors (Mr Badr Al Olama, Mr Ahmed Al Ahmadi, and Mrs Hamda AlMheiri) and the election of Mr Darwish Alketbi and Mr Nabil Ramadhan as new independent directors.