Dubai’s Shuaa Returns to Profit After Seven Quarters of Losses
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Shuaa Capital PSC, the investment bank controlled by Dubai’s ruler, posted its first quarterly profit in almost two years as the company’s asset management and investment banking divisions boosted revenue.
Shuaa, which has reported quarterly losses since the third quarter of 2011, said second-quarter profit was 1.3 million dirhams ($354,000) compared with a 15.9 million-dirham loss a year earlier, according to a statement to the Dubai stock market. Revenue rose 95 percent to 43.4 million dirhams.