UAE investment bank Shuaa Capitals success driven by capital markets growth
The UAE-based investment bank Shuaa Capital has posted an increase in net profit for the first quarter of the year, marking a recovery from the losses recorded in the same period in 2013.
The bank has reported a profit of AED8.2m ($2.2m) in the first three months of the year, according to its preliminary results published on 13 April. Revenues are 77 per cent higher at AED64m compared with the AED36m recorded in the first quarter of 2013.
The growth is a result of the recovery in the UAEs capital markets and investment banking sector, according to Sheikh Maktoum Hasher al-Maktoum, Shuaas executive chairman, with the bank working on a rising number of initial public offerings (IPOs) among other corporate transactions.
Last year, the bank returned to profitability for the first time since 2008, when it recorded a net profit of AED2.8m, an increase of AED62m from a net loss of AED59m recorded in 2012.
You might also like...
Rainmaking in the world economy
19 April 2024
Oman receives Madha industrial city tender prices
19 April 2024
Neom seeks to raise funds in $1.3bn sukuk sale
19 April 2024
Saudi firm advances Neutral Zone real estate plans
19 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.