Fawad Khan, who led the Dubai-based investment bank Shuaa Capital for more than 18 months, has resigned from his post.
Mr Khan stepped down for “personal reasons” and “will serve his notice period of three months with Shuaa providing support and ensuring smooth continuity of business activities”, the company said in a statement on Monday to the Dubai Financial Market, where its shares are traded.
Shuaa’s board has appointed Wafik Ben Mansour as acting chief executive to run the company affairs in the meantime.
"Wafik will lead the next phase of Shuaa capital's optimisation process to create a growth platform and capitalise on market opportunities in the UAE and wider region," the company said.
Formerly a managing director at Credit Suisse for 15 years, Mr Ben Mansour joined Shuaa in May this year to lead the company’s advisory and capital markets platform, which serves institutional clients across the Middle East and North African region.
Mr Khan was associated with Shuaa for the more than six years in roles including head of investment banking, according to his LinkedIn profile.
He took charge of Shuaa Capital in June 2022, replacing Jassim Alseddiqi, who moved on to take a board position and became managing director.
In August, Mr Alseddiqi, one of the top shareholders in Shuaa Capital, also stepped down as the managing director and repositioned his stake in the Dubai-based investment banking and asset management company.
In a LinkedIn post at the time, Mr Alseddiqi said a significant change is taking place that will make way for new shareholders in the company that manages $5 billion in assets.
Shuaa, which has gone through a business transformation over the past few years, at its height managed more than $13 billion in assets under management (AUM).
Shuaa aims to double its AUMs to $10 billion in the next five years and is evaluating several investment deals across the broader GCC, Mr Khan told The National in an interview in August.
The company is looking at potential investment opportunities, particularly in Saudi Arabia and the UAE, the Arab world’s two largest economies, including deals in the real estate and hospitality sectors.
The investment manager is also seeking divestment opportunities, including public listings, as well as partial exits through strategic investors, for its portfolio companies as it continues to evolve and reshape its asset base, Mr Khan said at the time.
In terms of potential investments, Shuaa is looking at target companies with “real assets” including asset-backed real estate transactions, and deals in shipping, industrial and hospitality sectors, he added.
