Dubai-based financial services firm Shuaa Capital on Sunday announced the appointment of Abdul Rahman Hareb Rashed Al Hareb as chairman to replace Sheikh Maktoum Hasher Al Maktoum who announced he was stepping down last year.
Al Hareb, an experienced banking professional, serves as a non-executive director on the board of Emaar Properties, and as chairman of Dubai AeroSpace Enterprise Audit Committee.
He is also a senior member of the Dubai Holding management team where he currently holds the position of chief internal audit officer.
"I am honoured to have been asked to take on the role of chairman of Shuaa Capital. I regard the company as one of the most established financial services firms in the GCC," said Al Hareb.
"Shuaa has seen steady year-on-year growth across the business verticals, with all divisions performing well and generating recurrent revenues. Going forward we will continue to build on this solid business platform as the UAE economy continues to expand further."
Sheikh Maktoum added: "Having achieved the goal of returning the business to profitability I am pleased to be handing over the chair to Mr Al Hareb and I am confident he is the right person to take the company forward."
Last week, Shuaa Capital reported a ten-fold increase in net profit for 2014 compared to the previous year but its fourth quarter performance was hit by stock market volatily.
The company said revenues reached AED213 million last year, with net profit of AED25.8 million, up by AED23 million compared to the AED2.8 million recorded in 2013.
But revenues for Q4 were AED25 million, down from AED64 million in Q4 2013 resulting in a net loss of AED14.8 million. This was due to the high volatility in the stock market during the fourth quarter, Shuaa said.
Shuaa said full-year operating expenses dropped to AED165 million from AED174 million in 2013 as rigorous cost control measures were maintained and further reductions in general and administrative costs were recorded.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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