Turnaround in fortunes for UAE’s Shuaa Capital | The National:
"Shuaa Capital, the UAE’s oldest investment bank, has turned in a full-year profit for the first time since 2008, as cost-cutting and strategy changes take effect against the background of a more benign economic climate in the Emirates.
Shuaa made a net profit attributable to shareholders of Dh2.8 million in 2013, compared with a loss of Dh59m in 2012. Revenues for the year surged 44 per cent to Dh198m. All revenue-generating business divisions were profitable in the year, and contributed to what the company called “this strong performance”.
Posting the small but significant profit for 2013 gave a further boost to the shares, which have risen 80 per cent in value over the past year as Dubai has consolidated its economic recovery. They closed at Dh1.05 on the Dubai Financial Market, up 4 per cent on the day, on healthy volume of 13.9 million shares traded."
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