Dubai's Shuaa Capital plans to launch more projects in quick succession before obtaining its first SPAC approval.

• Shuaa Capital, a Dubai-listed investment bank, is in the final stages of preparing its first special purpose acquisition company (SPAC) for listing, but the bank is already eager to launch more.
• In 2021, Shuaa Capital announced plans to establish three companies with a capital of $200 million each.
• According to Fawad Tariq Khan, managing director and head of investment banking at Shuaa Capital, a Nasdaq listing can provide currency for future acquisitions, growth, and other purposes for some businesses with global ambitions that are expanding.

Shuaa Capital, a Dubai-listed investment bank, is still in the final stages of preparing to list its first blank-check company on the Nasdaq in the US. However, the bank is already eager to launch more special purpose acquisition companies (SPACs) in the near future.

Fawad Tariq Khan, managing director and head of investment banking at Shuaa Capital, stated that the goal is to establish multiple SPACs in quick succession with a capital of $200 million each in 2021.

A Nasdaq listing can provide currency for future acquisitions, growth, and other objectives for businesses that are expanding globally, as stated by the interviewee on CNBC's "Capital Connection" on Thursday.

On Tuesday, Shuaa Capital declared that it submitted a registration statement to the U.S. Securities and Exchange Commission for the launch of a SPAC valued between $100 million and $200 million.

A handful of SPACs by Middle East firms will include Shuaa Capital's first blank-check company.

SPACs are formed solely to raise capital from investors through an initial public offering, and then use the cash to merge with a private firm, taking the company public and bypassing traditional IPO routes, which can be lengthy.

Companies often seek diverse sources of capital and liquidity, but their options may dwindle as they expand.

In the United States, SPACs offer a fresh opportunity to attract Middle Eastern companies with global aspirations and raise funds.

Shuaa Capital's SPACs would want to acquire a company of that type, he stated.

He stated that we are seeking businesses that are experiencing significant growth and require substantial capital to expand beyond their current region.

Anghami shares

Tariq Khan stated that Shuaa Capital remains content with the future direction of Anghami, an Abu Dhabi-based music streaming platform that recently merged with Vistas Media Acquisition Company, a SPAC. Shuaa Capital serves as an advisor and investor in Anghami.

On Wednesday, Anghami's shares in the U.S. dropped 16.48% to close at $11.25. Following the merger, there was an "initial frenzy" and a "big pop" in the stock, he stated.

"The stock is still up 12% and 15% from the listing price, which is a great success," he said, noting that Anghami is performing better than other SPACs, including [name of SPAC].

Tariq Khan stated that although some price targets anticipate the Middle East firm achieving $17 within a year, the company is still content with its progress.