Investment losses drove Shuaa Capital to an overall loss in 2010, the investment bank said on Monday, as it sheds risky assets and turns the business around after the burst of Dubai's property and asset bubble.
The Dubai-based investment bank halved its loss in 2010 to $61m, from $144.2m in 2009.
The fourth-quarter loss was $50.8m, compared with $42.01m a year earlier, driven by impairments and lower valuations.
One of the Gulf Arab region's largest investment banks, Shuaa said it exited from investments, cut costs and installed a new management as it rebuilds the business.
"We have left an extremely challenging year behind us and look forward to growing our revenues and profits as markets recover," Shuaa chairman Majid Al Ghurair said in a statement.
Shuaa said it has a "more positive outlook for 2011" but did not provide specific figures.
Income in 2010 shrank 29.7 percent to $51.2m, while quarterly income fell 8.4 percent from a year earlier to $11.6m.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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