SHUAA Capital, the giant Dubai investment bank, which has a presence in Riyadh, Abu Dhabi, Doha, Cairo, Istanbul and Beirut, has today posted profits of $5.3million for the first quarter of 2010.
As one of the biggest investment banks in the Gulf and Middle East region, Shuua had suffered more than most and experienced significant losses in 2009. However, the appointment last year of new chief executive, Samir Al Ansari, has seen the company return to profit. Mr Ansari expressed confidence today at the future of Shuua, stating that they were ‘well positioned’ to reap rewards from the market recovery and that he expected to see ‘further benefits’ to come.
In March this year the Saudi arm of SHUAA Capital announced that it had acquired land on the Jeddah Corniche for their SR2 billion private equity fund. Compliant with Sharia law, the fund will be used to develop luxury hotel apartments. The Kingdom is the biggest player in the Islamic financial market with private liquidity in Saudi sitting at an estimated $1.2 trillion.Sarah O'Connell, Staff Writer, Gulf Jobs Market