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.
By Reuters
Sun 11 May 2014 10:53 AM

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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