Abu Dhabi Financial Group, SHUAA Capital Merger Completed

SHUAA Capital logo
SHUAA Capital logo
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Abu Dhabi Financial Group, SHUAA Capital Merger Completed

SHUAA Capital logo
SHUAA Capital logo

SHUAA Capital has announced the completion of the merger with Abu Dhabi Financial Group and the raising of its Authorized Capital from AED1.065 billion (289 million dollars) to AED2.535 billion (690.3 million dollars) following final regulatory approvals on the transaction with ADFG, Emirates News Agency reported on Sunday.

This comes following the admission of 1,470 billion new shares on the Dubai Financial Market in favor of ADFG’s parent company and strategic investor in SHUAA, Abu Dhabi Capital Management LLC, it said.

As a demonstration of the strategic investor’s commitment to the transaction, the new SHUAA shares will be subject to a 12-month lock-up period from the date of admission, the agency added.



Biden Pledges Record $4 bln US Contribution to World Bank Fund for Poorest Countries

The World Bank logo. (File/Asharq Al-Awsat Ar)
The World Bank logo. (File/Asharq Al-Awsat Ar)
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Biden Pledges Record $4 bln US Contribution to World Bank Fund for Poorest Countries

The World Bank logo. (File/Asharq Al-Awsat Ar)
The World Bank logo. (File/Asharq Al-Awsat Ar)

US President Joe Biden has pledged a $4 billion US contribution to the World Bank's International Development Association (IDA) fund for the world's poorest countries, two sources with knowledge of the commitment said on Monday, Reuters reported.

Biden announced the US pledge during a closed session during the Group of 20 summit in Rio de Janeiro, according to the sources, who spoke on condition of anonymity.

The amount is a record and substantially exceeds the $3.5 billion that Washington committed in the previous IDA replenishment round in December 2021.