The UAE-based investment bank reported a total write down to its investments of AD400m as a result of falling global markets. For the six months to the end of September 2007 Shuaa reported a profit of AD128.6m.

The company said that the provisions would be absorbed by its AD658m of retained earnings. Total operating income during the current period increased to AD262.4m from AD133.1m, which Shuaa attributed to its asset management and brokerage divisions.

In late September the Central Bank claimed that the financial institutions of the UAE had virtually no exposure to Lehman Brothers.