Shuaa approached investment banks to explore setting up the SPACs to pursue deals in the energy, finance and technology sectors RIYADH: Dubai’s Shuaa Capital is considering setting up three blank-check companies of around $200 million each, Bloomberg reported citing people familiar with the matter. This will rapidly open up the booming market for special purpose acquisition vehicles to Gulf investors. Shuaa approached investment banks to explore setting up the SPACs to pursue deals in the energy, finance and technology sectors, the people said, declining to be named for information privacy. The SPACs are expected to list in the US this year, the people said. Blank-check companies are corporate shells that raise money from investors with the aim of merging with private businesses to take them public.