Shuaa Capital, a Dubai based financial services provider netted $6.3m (AED 23m) in profits, third quarter results released on Sunday said.
The results mark the third quarter of reported profits, and a 165 percent jump from the same period last year, where net losses struck $9.5m in Q3 2016 (AED35m).
The group attributes the turn-around to the appointment of a new board in November last year.
Shuaa said its re-emergence as a main player in the region’s financial sector since January 2017 was driven by its new shareholder Abu Dhabi Financial Group, which acquired a 48 percent stake in November 2016.
Building on the success of its real estate business in Saudi Arabia, where they managed hospitality funds, and developed large-scale projects for the past eight years, Shuaa recently launched their real estate asset management operations in the UAE market.
The quarter witnessed the unveiling of plans to manage the development of a $408m (AED 1.5bn) mixed-use tower development called the ‘Dubawi’, located on Sheikh Zayed Road.
Fawad Tariq-Khan, general manager of Shuaa Capital, said the company has rebuilt itself to project a sustainable growth.
“With a strong and efficient business model now in place, our focus on innovation and differentiation is delivering real value," said Tariq-Khan
"From our operations and affiliations in the UAE, to our growing presence and partnerships in Saudi Arabia and beyond, Shuaa is rebuilding a network to deliver competitive advantages in the region.
“Our operations are now stream-lined and we are actively looking for growth in the Middle East and North Africa region through both organic expansion and acquisitions,” he added.
The third quarter also witnessed a planned expansion of its securities brokerage business to include the Egyptian market with an office in Cairo launched in Q4.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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