Dubai’s SHUAA targets citizenship-for-investment market with $118m fund

Dubai’s SHUAA targets citizenship-for-investment market with $118m fund
Dubai asset management firm SHUAA Capital has announced a new partnership that aims to tap into the citizenship-for-investment market, with an initial €100 million ($118 million) real estate fund in Montenegro. (WAM/Emirates News Agency/File Photo)
Short Url
Updated 18 November 2020

Dubai’s SHUAA targets citizenship-for-investment market with $118m fund

Dubai’s SHUAA targets citizenship-for-investment market with $118m fund
  • Asset management firm has entered a new partnership, with its first project in Montenegro

DUBAI: Dubai asset management firm SHUAA Capital has announced a new partnership that aims to tap into the citizenship-for-investment market, with an initial €100 million ($118 million) real estate fund in Montenegro.
SHUAA, which has over $13.6 billion in assets under management, has partnered with Arton Capital, an advisory firm that specializes in real estate projects designed to encourage foreign direct investment (FDI).
The first initiative the partners are aiming to create is a $118 million fund in Montenegro that will develop mixed-use real estate projects targeted at those looking to invest capital in return for residency or citizenship in the European country.
According to a press release issued on Wednesday, the fund is targeting 20 percent return on investment.
“Citizenship by investment is a competitive global market, and the COVID-19 pandemic has only further increased demand as more and more people across the world are now thinking of how to medically, socially and financially secure their future,” Mustafa Kheriba, deputy CEO and head of asset management at SHUAA, was quoted as saying.
Over the last five years, Arton Capital has helped attract around $4 billion in FDI in citizenship-by-investment schemes in 12 countries.


KBW Ventures increases stake in US cellular seafood company

Prince Khaled bin Alwaleed bin Talal, KBW Ventures' founder and CEO, at the Milken Institute. (Supplied)
Prince Khaled bin Alwaleed bin Talal, KBW Ventures' founder and CEO, at the Milken Institute. (Supplied)
Updated 19 January 2021

KBW Ventures increases stake in US cellular seafood company

Prince Khaled bin Alwaleed bin Talal, KBW Ventures' founder and CEO, at the Milken Institute. (Supplied)
  • BlueNalu produces a variety of seafood products directly from fish cells
  • KBW Ventures invests in companies with transformative technologies and business models

DUBAI: KBW Ventures, the company founded by Prince Khaled bin Alwaleed bin Talal Al-Saud, was among a group of backers who agreed to refinance $60 million of debt held by a Californian cellular agriculture seafood company, it was announced on Tuesday.

BlueNalu produces a variety of seafood products directly from fish cells. In addition to the latest debt financing, it previously raised $4.5 million in early 2018 and $20 million in 2020.

The San Diego company aims to use the funding to open a 40,000 square foot pilot production facility as part of its bid to launch a pilot program and eventually distribute its products across the US.

“The team at BlueNalu is driven to produce cell-based seafood products that are healthy for consumers, humane for animals, sustainable for our planet and provide increased food security to each nation in which we go to market,” said Lou Cooperhouse, BlueNalu president and CEO.

“This recent round of funding will allow us to continue advancing our mission and the next phase of our commercialization plans, while we continue to develop strategic partnerships that we expect will provide us with global market reach during the coming years.”

Prince Khaled bin Alwaleed bin Talal Al-Saud, founder and CEO of KBW Ventures, added: “We have increased our stake in BlueNalu by investing for the second time. Our commitment to inject further capital is based on the company’s impressive forward roadmap, detailing a clear path to ramping up production and bringing its first product to market at this crucial period in the pandemic. KBW Ventures is pleased to play a role in the largest round ever for a cell-based seafood company, aligning ourselves with mission-driven businesses that seek to solve the world’s food security issues sustainably.”

Amir Feder, BlueNalu’s CFO, said the company is confident it can penetrate the lucrative $200 billion global seafood market and that it is in the process of signing up a series of international strategic partners.

Last month, KBW Ventures also increased its investment in a Singapore-based biotech company aiming to produce lab-grown dairy products. TurtleTree Labs raised $6.2 million as part of its latest round of funding. Besides KBW Ventures, other investors included Green Monday Ventures, Eat Beyond Global and Verso Capital.

Founded in 2019, TurtleTree Labs, which has offices in San Francisco and Singapore, will use the funds to accelerate research and production of functional, bioactive proteins and complex sugars found in human milk.

The company hopes these will have potential benefits in gut and brain health, which can be applied to both infant and senior nutrition and offer a viable alternative to animal-based dairy products.

KBW Ventures invests in companies with transformative technologies and business models. Its other investments include the Colorado-based pet food firm Bond Pet Foods and California’s Beyond Meat.