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| June 01, 2004 | COPYRIGHT 2004 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From Arabies Trends)

SHUAA ACQUIRES ONIC STAKE

Dubai-based investment bank Shuaa recently acquired a 16.7 percent stake in Oman National

Investment Corp. (ONIC) for over $20 million. The ONIC stake was earlier held by Abraaj

Capital, a private equity firm that had bought into the Omani firm in early 2003. Shuaa thus

now becomes the single largest shareholder in ONIC, and will be getting representation on the

investment bankOs board. After some very testing times in the early part of this decade ETH

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