News

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.

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