Dubai-based asset manager Shuaa Capital has listed a $100 million special acquisition purpose company (Spac) on Nasdaq Global Market.
The initial public offering of the Shuaa Partners Acquisition Corp involved 10,000,000 units priced at $10 each.
According to Shuaa, each unit comprises on Class A ordinary share and one half of one redeemable warrant.
Spacs, also known as blank cheque companies, have become a popular vehicle for acquiring private companies.
Shuaa Partners CEO Fawad Tariq Khan said the new company would target technology or tech-enabled financial services companies in the region.
While the US remains the largest market for Spacs, the Mena region has sought to capitalise on the growing trend.
In January, the Abu Dhabi Securities and Commodities Authority (SCA) approved a regulatory framework for Spac listings in a bid to establish itself as the regional hub for the vehicles.
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