Abu Dhabi Financial Group entered into an agreement to acquire 48.36% stake in SHUAA Capital psc (DFM:SHUAA) from Dubai Banking Group PJSC on June 8, 2016. As on November 21, 2016, Jassim Alseddiqi has been elected as the new Chairman of SHUAA Capital psc (DFM:SHUAA) and Abdul Rahman Hareb Rashed Al Hareb continues to serve as a member and Director on the Board for a transition period. The transaction is subject to regulatory approval. On November 15, 2016, transaction received regulatory approval. Emirates NBD Capital Limited acted as financial advisor for Dubai Banking Group. James McCarthy, Kasia Lebiecki and Jack Hardman of Clifford Chance acted as legal advisor for Dubai Banking Group. Abu Dhabi Financial Group completed the acquisition of 48.36% stake in SHUAA Capital psc (DFM:SHUAA) from Dubai Banking Group PJSC on November 21, 2016.