The sale is expected to close in Q4 2022 and will have a positive impact on Shuaa Capital’s financials for the quarter, the Dubai Financial Market-listed company said in a regulatory filing.

The sale is subject to regulatory approvals, it added.

Last August, Shuaa Capital posted a loss of 143.9 million dirhams ($39.2 million) for the second quarter of the year, down from the 39.4 million dirhams profit posted at the same time last year.