Head of Dubai's Shuaa leaves after less than two years

Colin Macdonald departs investment bank as part of top management shake-up
Head of Dubai's Shuaa leaves after less than two years
(Photo for illustrative purposes only)
By Courtney Trenwith
Tue 31 Dec 2013 10:49 AM

Dubai-based investment bank Shuaa Capital has seen its group CEO leave after less than two years in the role.

In a statement on Tuesday, the firm said it had “taken steps to deepen its senior management team, increase operational efficiency, and foster revenue generation”.

Colin Macdonald was appointed in April 2012 and will leave the company on Tuesday at the expiry of his contract.

“The company thanks Colin Macdonald for his contribution during his tenure and wishes him well for the future,” the statement said.

Houssem Ben Haj Amor, currently the company’s chief financial officer, will be appointed as general manager. That position does not presently exist and the statement does not clarify whether the company is seeking a new group CEO.

Karim Schoeib has also been formally announced as CEO of Investment Banking, which includes corporate finance advisory and capital markets.

Schoeib has worked with the firm since 2005 and has led a number of public transactions including initial public offerings (IPOs) and private placement transactions in various sectors in the UAE. 

Other appointments announced include Amer Khan as senior executive officer of Shuaa Asset Management; Jennifer Adams as director of operations; Michael Hewitt as head of the executive office.

“The company is now in the next phase of its strategic development and we are gearing up to capture new revenue opportunities in the GCC,” executive chairman Sheikh Maktoum Hasher Al Maktoum said in the statement.

“These senior appointments will accelerate revenue growth in 2014 and beyond.

“We believe that the breadth and depth of the senior appointment’s technical expertise, operating experience and origination capabilities will enable us to benefit from growth opportunities emerging across the GCC.”

The company would make further senior appointments to its management team in the near future, it said.

According to the Dubai Financial Market (DFM) website, Shuaa Capital’s share price has risen by 15 percent under Macdonald’s stewardship. The DFM has doubled this year alone.

The firm returned to profitability during Q2 2013 and has recorded revenue of AED134.3m ($36.6m) during the first three quarters, compared to AED137.3m during the year 2012, according to its online financial records.

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