Shuaa Capital, the largest domestic investment bank in the UAE, is to expand its brokerage business as other share dealers fail amid huge declines in trading volumes on the country's exchanges.
The strategy is one element of Shuaa's bid to overcome big losses suffered in 2008 and 2009 as a result of soured investments, disputes with shareholders, fines from regulators and the global financial crisis. Shuaa, based in Dubai, lost Dh948.5 million (US$258.23m) in 2008 and Dh529.8m the following year before returning to almost break-even levels last year.
"Really, 2010 was a year for fixing and rebuilding at Shuaa, whether it's strategy, whether it's rebuilding the management team, whether it's addressing the balance sheet and liquidity issues and so on," Sameer al Ansari, who was appointed chief executive in August 2009 to try to turn around the company, said yesterday.
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