Shuaa Capital Q2 net rises 37 pct on investments

Shuaa Capital SHUA.DU reported a 37 percent rise in second-quarter net profit despite losses at its investment banking unit as its assets have regained in value.

The Dubai-based bank said net profit for the quarter climbed to 91.7 million dirhams ($24.97 million) from 67.1 million dirhams in the second quarter of 2008.

"We are pleased that we have turned the corner after three very difficult quarters," chief executive Iyad Duwaji said in a statement.