Dubai's Shuaa Capital swings to Q1 profit

Revenue rose 77% year-on-year to nearly $10m

Sheikh Maktoum Hasher Al Maktoum, Executive Chairman of Shuaa Capital.

Sheikh Maktoum Hasher Al Maktoum, Executive Chairman of Shuaa Capital.

Dubai's Shuaa Capital swung to a first-quarter profit, the investment bank said on Sunday, confirming preliminary figures released last month.

Shuaa made a profit of AED8.2m ($2.23m) in the three months to March 31, according to a bourse statement.

That compares with a loss of AED5.9m a year earlier.

HSBC forecast Shuaa would make a quarterly profit of AED3m.

The company's quarterly revenue was AED64.2m, up 77 percent from AED36.2m in the corresponding period of 2013.

"We are seeing an improved investment banking pipeline and a larger pool of companies wanting to go public, improving the possibility of more transactions being executed by Shuaa," Sheikh Maktoum Hasher Al Maktoum, executive chairman of Shuaa Capital, said in the statement.

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