Shuaa profits surge on Saudi expansion

Shuaa profits surge on Saudi expansion:

Shuaa Capital has said that “strong growth’ in its Saudi Arabia and Egypt business has contributed to a 21 percent rise in its second quarter profits, according to a Dubai Stock Exchange filing.

Profits rose to 14.6 million dirhams ($4 million) compared to 12.1 million dirhams recorded in the same time period last year.

“Our Egypt and Saudi businesses in particular have achieved a strong growth trajectory, and more importantly, given our strong liquidity position and recent recoveries, we are now in a position to look at making dividend distributions to our shareholders for the first time in ten years,” said Fawad Tariq-Khan, CEO of Shuaa Capital, said.