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Sun 7 Dec 2014 04:03 PM

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Sheikh Maktoum to leave UAE's Shuaa after profits turnaround

Executive chairman Sheikh Maktoum Hasher Al Maktoum to step down in Feb after leading company from losses to profit in three years

Sheikh Maktoum to leave UAE's Shuaa after profits turnaround
Sheikh Maktoum Hasher Al Maktoum, Executive Chairman of Shuaa Capital.

SHUAA Capital, the UAE-based financial services firm, on Sunday announced that Sheikh Maktoum Hasher Al Maktoum will be stepping down as executive chairman and as board director in February 2015. 

Sheikh Maktoum will work with the board of directors to ensure a smooth transition, according to a company statement.

He has presided over the company since May 2011 successfully turning the company around and positioning it for growth, the statement added. 

"During the last three years he has transformed SHUAA into a sustainable company where all business lines are profitable, the balance sheet is strong, costs are well managed, legacy assets have been largely sold and the company is well positioned for the current market cycle," the company said.

During his tenure, Sheikh Maktoum turned the company from a loss of AED300 million in 2011 to one where the net profit in the nine months to September was AED40.7 million and the Q3 results were the sixth straight quarterly profit.

Commenting, Sheikh Maktoum said:  “I am extremely proud of what we have been able to achieve at SHUAA. I was appointed to turn the company around and that job has now been completed. 

"I am confident the board and the management team will be able to build on the company’s positive trajectory and on the positive market environment in the UAE.”

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