DUBAI, May 31 (Reuters) - Abu Dhabi Financial Group, Al Mal Capital and Arqaam Capital are among the bidders for Dubai Group's 48.4 percent stake in Shuaa Capital , sources familiar with the matter told Reuters.

Dubai Group, a unit of Dubai Holding, the investment vehicle of the emirate's ruler, is in the process of selling its holding in Dubai investment bank Shuaa to raise funds to meet repayments under its $10 billion debt restructuring.

Alternative investment firm Abu Dhabi Financial Group, which bought First Gulf Bank's brokerage arm in 2014, has placed a bid for Shuaa, an Abu Dhabi-based banker and a Dubai banker said.

Dubai investment firm Al Mal Capital, which is 60 percent owned by Dubai Investments , has also bid for Shuaa, the Dubai-based banker and a second Dubai-based banker said.

Dubai-based financial services firm Arqaam Capital is also among the bidders for Shuaa, according to a source familiar with the matter.

If successful, Arqaam could seek a reverse takeover, the UAE-based banker said. A reverse takeover is when a private company becomes a publicly listed company after acquiring a controlling stake in a public company. Arqaam had planned a market flotation last year and appointed Rothschild as an advisor.

Abu Dhabi Financial Group and Arqaam Capital declined to comment when contacted by Reuters, while Al Mal Capital did not respond to emails from Reuters requesting comment.

Dubai Group's stake in Shuaa Capital was worth around 334.5 million dirhams ($91 mln) based on Tuesday's closing share price of 0.65 dirhams, according to Reuters calculations. ($1 = 3.6724 UAE dirham)

(Reporting by Hadeel Al Sayegh, Stanley Carvalho and David French; Editing by Susan Fenton) ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))