Sec Form 4 Filing - SHUAA SPAC Sponsor I LLC @ SHUAA Partners Acquisition Corp I - 2023-06-01

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person SHUAA SPAC Sponsor I LLC 2. Issuer Name and Ticker or Trading Symbol SHUAA Partners Acquisition Corp I [ SHUA] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director X __ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) H HOTEL DUBAI, OFFICES TOWER,, LEVEL 15, OFFICE NO. 1502, P.O. BOX 3104 3. Date of Earliest Transaction (MM/DD/YY) 06/01/2023 (Street) DUBAI, C0 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Class A Ordinary Shares 06/01/2023 C 2,636,250 ( 1 ) A 2,636,250 ( 1 ) D ( 2 )

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Class B Ordinary Shares ( 1 ) 06/01/2023 C 2,636,250 ( 1 ) ( 1 ) Class A Ordinary Shares 2,636,250 ( 1 ) 0 D ( 2 )

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other SHUAA SPAC Sponsor I LLC H HOTEL DUBAI, OFFICES TOWER, LEVEL 15, OFFICE NO. 1502, P.O. BOX 3104 DUBAI, C0 X Tariq Khan Fawad H HOTEL DUBAI, OFFICES TOWER, LEVEL 15, OFFICE NO. 1502, P.O. BOX 3104 DUBAI, C0 X X Chief Executive Officer Signatures By: SHUAA SPAC Sponsor I LLC, /s/ Fawad Tariq Khan, Authorized Person 06/05/2023 Signature of Reporting Person Date /s/ Fawad Tariq Khan 06/05/2023 Signature of Reporting Person Date

Explanation of Responses:

( 1 )As described in SHUAA Partners Acquisition Corp I's (the "Issuer") registration statement on Form S-1 (File No. 333-261889) under the heading "Description of Securities-Class B ordinary shares", the Class B ordinary shares, par value $0.0001 per share (the "Class B ordinary shares"), will automatically convert into Class A ordinary shares, par value $0.0001 per share (the "Class A ordinary shares"), of the Issuer at the time of the Issuer's initial business combination, or at any earlier date at the option of the holders of the Class B ordinary shares, on a one-for-one basis, subject to adjustment for share splits, share capitalizations, reorganizations, recapitalizations and the like, and certain anti-dilution rights and have no expiration date. On June 1, 2023, the reporting person elected to convert all of their Class B ordinary shares into Class A ordinary shares. ( 2 )This Form 4 is being filed by SHUAA SPAC Sponsor I LLC (the "Sponsor"). Fawad Tariq Khan controls the Sponsor, and as such has voting and investment discretion with respect to the securities held by the Sponsor and may be deemed to have beneficial ownership of the securities held directly by the Sponsor.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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