Dubai-listed investment bank Shuaa Capital has sold its stake in a Saudi hospitality portfolio as part of its strategy to streamline investments and reduce liabilities.

The portfolio, managed by Shuaa Capital Saudi Arabia, included three properties located in Riyadh, Jeddah, and Dammam. Shuaa, which owned a 33% stake in the portfolio, finalized the sale to Saudi-based real estate investor Sumou Holding for 515 million riyals ($137 million). The transaction contributed 19.6 million UAE dirhams ($5.3 million) to Shuaa’s balance sheet.

This step is in line with the firm’s broader plan to refine its investment focus and optimize asset allocation. Last month, Shuaa approved $116 million in mandatory convertible bonds (MCBs) across two tranches as part of its ongoing debt restructuring.

In addition to financial adjustments, Shuaa has recently seen leadership changes. Ahmed AlAhmadi, managing director of the company’s board, resigned less than two weeks ago after playing a major role in improving its capital structure.