Shuaa soars on dispute resolution

Shares of Shuaa Capital, the UAE’s biggest investment bank rose by the most permitted in a single session following the resolution of its dispute with Dubai Banking Group on a Dh1.5 billion (US$408 million) bond conversion.

Shuaa shares advanced 14.97 per cent to Dh1.69 during early trade after rising by a similar measure on Thursday.

“There is a lot of volatility in the market but Shuaa is at the positive end. Resolution of its dispute with Dubai Banking Group has certainly helped in restoring investor confidence,” Aymen el Saheb, the head of operations at Drahem Financial Brokerage in Dubai said.