Mashreq Capital expects to make profit in 2009

Mashreq Capital, a subsidiary of Dubai-based Mashreq Group and regulated by Dubai Financial Services Authority (DFSA), projects to turn profitable this year following three years of operations, said its chief executive.

Abdul Kadir Hussain, Chief Executive, Mashreq Capital, said: "We are hoping to be profitable this year. Our funds have shown positive returns in 2009. We survived last year, which was disastrous for fixed income, but we didn't close up. There were a lot of companies shut down. We took losses like every body else, but we recouped most of those losses this year."

He refused to disclose the range of profits Mashreq Capital will make. Mashreq Group does not reveal segmental profitability, he said.