Shuaa starts brokerage in Jordan

Shuaa Securities, the brokerage arm of Shuaa Capital, has launched a brokerage business in Jordan, the company said today. Shuaa already had brokerage operations in numerous markets across the Middle East, including Saudi Arabia, Egypt and the UAE, where the company is based.

Shuaa cited the importance of the Jordanian market and its desire to give its clients direct access as the reason it chose to expand there. It's interesting that Shuaa, which recently posted a loss of $157.2m in the fourth quarter of last year and another $54m loss in the first quarter of this year, is apparently forging ahead with expansion plans.

Meanwhile, it was also revealed today that the company's CFO, Michael Burgess, was made redundant on May 14. Burgess had just joined the company last October from Morgan Stanley, according to Bloomberg.