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Mon 7 May 2007 12:18 AM

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Dubai's Shuaa Q4 profit almost doubles

Shuaa Capital profits almost double after Omani sale.

Dubai-based investment bank Shuaa Capital said on Sunday fourth-quarter profit almost doubled to 107.2 million dirhams ($29.19 million) after it sold a stake in an Omani company.

According to Reuters data, Shuaa made a profit of 56.66 million dirhams in its fiscal fourth quarter of last year.

The investment bank's financial year begins on April 1.

Shuaa said last month its quarterly profit would include a gain of 52.5 million dirhams from the sale of a 35 percent stake in Oman National Investment Corp. Holding.

Full-year revenues fell 8.4 percent to 459 million dirhams. Costs rose 39 percent to 85 million dirhams, Shuaa said.

Net profit in 2006 fell 27.6 percent to 262 million dirhams, Shuaa said.The investment bank's portfolio of managed funds was hit by a slump in stock markets across the world's biggest oil-exporting region last year.

Its profits fell 98 percent in the first quarter, 4 percent in the second quarter and 28.4 percent in the third quarter.

Shuaa said last month it got approval to provide investment banking services in Saudi Arabia, part of plans to double its staff within two years as it expands in the Middle East.

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