News

Shuaa Capital posts losses ahead of ADFG merger

Dubai-based investment manager Shuaa Capital has recorded a $15.3 million net loss for the first half of 2019, which it has put down to the costs associated with its planned merger with Abu Dhabi Financial Group (ADFG). The loss contrasts with the $7.16 million profit made in the same period last year. In the last set of results to be issued as a stand-alone entity, Shuaa also posted its second quarter figures for 2019 which showed a net loss of $8.60 million against a $3.98 million profit for the second quarter of 2018. In addition to the costs associated with the merger, Shuaa Capital also said its losses included final provisions of $3.68 million for its exposure to legacy investments. "Shuaa’s final set of quarterly earnings reflect the completion of expenses and provisions relating to the merger as well as legacy investments,” said Fawad Tariq-Khan,  of Shuaa Capital. “More importantly, our operating lines continue to grow in revenue and these will continue to serve as crucial elements for the new and enlarged entity well into the future. "Following the completion of the merger, the various teams at Shuaa and ADFG are now investing considerable joint efforts building a solid long-term road map for this newly created regional financial powerhouse." Shuaa Capital also announced the appointment of former Mubadala executive Masood M Sharif Mahmood as a board member. ©2019 funds global mena

Executive Interviews

INTERVIEW: ‘Financing is the blood of Iran’s economy’

Jan 04, 2019

Amid a fresh wave of American sanctions, Romil Patel spoke to Meysam Hamedi, director of financial markets and instruments at Iran’s Securities & Exchange Organization (SEO).

INTERVIEW: Totally mega

Jun 13, 2018

In 2016, global consulting firm PWC forecast the emergence of five global ‘megatrends’ in the next two decades. Stephen Anderson, its Middle East clients and markets leader, talks about their...

Roundtables

ROUNDTABLE: Hooked to the global caravan

Jan 04, 2019

With the MENA region at a tipping point, our panellists talk about economic diversification, the impact of regulation and the delayed Saudi Aramco listing. Chaired by Romil Patel in Dubai.

MENA ROUNDTABLE: ‘The story is about reforms’

Jun 13, 2018

Our cross-industry panel discuss the positive backdrop in Egypt, the Dana Gas controversy and the potential index upgrades of Saudi Arabia and Kuwait. Chaired by George Mitton in Dubai.