Dubai-headquartered SHUAA Capital has finalised the sale of its Saudi hospitality asset portfolio to Sumou Holding for $137M (SAR 515M).
The portfolio, managed by SHUAA Capital Saudi Arabia, a fully owned subsidiary, was part of the firm’s extensive operations in the Kingdom.
According to a company statement, the portfolio included three key hospitality properties situated in Riyadh, Jeddah, and Dammam.
SHUAA Capital stated that the sale aligns with its ongoing strategy to boost investor returns and streamline its investment focus, supporting its long-term goals of optimising asset allocation and portfolio management.
The company held a 33 per cent ownership in the portfolio.
It also noted that proceeds from the sale would be utilised to reduce debts and improve its financial position, paving the way for future growth opportunities.
