Shuaa CEO Duwaji resigns after 20 years

The chief executive of Shuaa Capital has resigned, days after the company announced a jump in quarterly earnings suggesting better times ahead for the Dubai-based investment bank that has struggled during the economic downturn.

"My decision to leave is a personal one," Iwad Duwaji , who stepped down after 20 years of service, said in a company statement. He added that he planned to return to the buy-side and set up an independent private equity platform.

Earlier this month, Duwaji, who was instrumental in transforming Shuaa from a small investment company in 1995 to one of the region’s leading investment bank, said in an interview that the worst was over for the company and there was a light at the end of the tunnel.