Shuaa Has $15 Million Second-Quarter Loss as Value of Investments Declines - Bloomberg

Shuaa Capital PSC, the United Arab Emirates’ biggest investment bank, reported a second-quarter loss as the value of investments declined.

The second-quarter loss was 56.6 million dirhams ($15 million) after a profit of 91.7 million in the year-earlier period, Dubai-based Shuaa said in an e-mailed statement today. The bank’s first-half loss narrowed 65 percent to 37.1 million dirhams and its cash position of 474 million dirhams is “very comfortable,” it said.

“Our results are strongly influenced by investor sentiment and activity,” Sameer Al Ansari, Shuaa’s chief executive officer said in the statement. “During this period of extreme market stagnation, we continue to rebuild Shuaa with a clear focus on our fee-generating businesses and significant senior management additions.”