The Dubai-based investment bank Shuaa Capital announced its interim first quarter results, for the three-months’ period which ended June 30, 2002, in which the company’s revenues totaled 13.4 million Emirati dirhams ($3.65 million), an increase of 26.6 percent over the first quarter of the previous year. The bank’s total net profit for the first quarter reached Dh4.9 million.
Shuaa’s total assets rose from Dh530 million to Dh567 million, representing seven percent growth year on year. Off balance sheet revenues registered an improvement of 215 percent, reaching Dh1.4 million, up from Dh400,000 for the same period last year.
"In spite of continued uncertainty in global capital markets as a result of a weakening US economy, we see selective investment opportunities in fixed income securities, namely bonds and continued upside potential in some Gulf Cooperation Council (GCC) markets, most notably the United Arab Emirates (UAE),” commented SHUAA Capital CEO Iyad Dawaji.
“The GCC equity market, in particular, has played an important role in helping SHUAA Capital register positive first quarter results," he said and added that “the company is currently working on a number of mandates.“
SHUAA Capital was established in 1979, as an investment company to invest in, and promote investment into, the Arab world. It has since pursued its investment strategy by focusing initially on private equity investments and proprietary trading in Arab listed securities, and later on the UAE and GCC markets.
SHUAA Capital was licensed in 2000 by the UAE Central Bank to offer financial services and products. Those services include underwriting of securities and other corporate finance activities, investment advisory services, fund and portfolio management, and brokerage of local and international securities. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
