Dubai's Shuaa Capital posts $54 mln Q1 net loss

Dubai-based investment bank Shuaa Capital SHUA.DU posted a net loss of 197.9 million dirhams ($53.88 million) in the first quarter as it booked losses on investments, it said in a statement on Thursday.

"Despite significant efforts to enhance profitability through cost-cutting measures, and focus on growing our fee businesses, book losses from investments still overshadowed the overall results," the statement said.

Shuaa Capital's private equity, asset management and finance businesses were all profitable in the quarter, the statement said, but its investment banking unit, brokerage and corporate segment, which controls all cash related to the group, posted losses in the period.