Shuaa Capital appoints new chairman after profit boost

BoardroomDubai-based financial services firm Shuaa Capital has announced a new chairman alongside financial results which show a marked improvement in profitability.

Abdul Rahman Hareb Rashed Al Hareb, a UAE national, sits on the board of property developer Emaar and was, until recently, chairman of Oman National Investment. In addition to his new role, he is chief internal audit officer of Dubai Holding.

Al Hareb takes over from Sheikh Maktoum Hasher Al Maktoum, a member of Dubai's ruling family.

"Having achieved the goal of returning the business to profitability, I am pleased to be handing over the chair to Mr Al Hareb," says Al Maktoum in a statement.

The statement came at the same time as the firm announced a net profit of 25.8 million dirhams ($7 million) for 2014, a dramatic rise from 2013, when profits were 2.8 million dirhams.

In a press release, the firm said its asset management, investment banking and small-and-medium enterprise lending departments had each contributed to the gains.

The asset management division by itself made a net profit of 20.7 million dirhams during 2014, said the firm, compared with 14.1 million the previous year.

©2015 funds global mena

Executive Interviews

INTERVIEW: ‘Financing is the blood of Iran’s economy’

Amid a fresh wave of American sanctions, Romil Patel spoke to Meysam Hamedi, director of financial markets and instruments at Iran’s Securities & Exchange Organization (SEO).

INTERVIEW: Totally mega

In 2016, global consulting firm PWC forecast the emergence of five global ‘megatrends’ in the next two decades. Stephen Anderson, its Middle East clients and markets leader, talks about their...

INTERVIEW: Protecting the investment

Rasmala’s trade finance fund recently passed $100 million in assets. Doug Bitcon, head of credit strategies, explains why he has to be hands-on.

EXECUTIVE INTERVIEW: A natural interest in the topic

Since 2016, Guillermo Ortiz has been a chairman of Latin America’s BTG Pactual. The former central banker of Mexico talks to Nick Fitzpatrick.


Middle East Investor Roundtable 2020: Dimensions of diversification

Investors in the Middle East consider the tools that will be needed to navigate the Covid-19 crisis, the continued appetite for dividend and why it’s all about tech. Chaired by Romil Patel.

South Africa asset management roundtable: Global rebound on ice

Experts discuss the investment implications of the coronavirus pandemic, a delayed rebound in global growth and dealing with South Africa’s energy issues head on. Chaired by Romil Patel in Cape Town.

South African roundtable: Taking the bull by the horns

Our panel discusses Chinese investment in Africa, financial institutions’ contribution to economic sustainability and regulatory concerns. Chaired by Romil Patel in Cape Town.

ROUNDTABLE: Hooked to the global caravan

With the MENA region at a tipping point, our panellists talk about economic diversification, the impact of regulation and the delayed Saudi Aramco listing. Chaired by Romil Patel in Dubai.