By Tamara Walid and Nicolas Parasie
Mohammed Ali Yasin to remain in his current position till a replacement is found.
The head of Shuaa Securities, the brokerage unit of Dubai's largest listed investment bank Shuaa Capital, has resigned but remains in his current position until a replacement is found, sources said on Tuesday.
Mohammed Ali Yasin was named chief executive of Shuaa Securities in 2006, and oversaw the firm's rapid expansion across the Middle East.
Yasin could not be reached for comment. Shuaa Capital said it would issue a statement later on Tuesday but declined to comment.
Parent company Shuaa Capital swung to a net profit of 19.5 million dirhams ($5.3 million) in the first quarter, helped by its asset management business and lower expenses.
One of the largest regional investment banks, Shuaa suffered heavy losses in 2009 as a result of the global financial crisis. (Reuters)