has appointed Sameer Al Ansari as chief executive officer, replacing Iyad Duwaji who resigned after a company owned by Dubai’s ruler acquired 48.4 percent of the UAE’s biggest investment bank.
Al Ansari will remain as executive chairman of Dubai International Capital, a private equity investor controlled by the emirate’s ruler,
Shuaa
said in a statement to Dubai bourse today.
The management change follows the resolution of a dispute between
Shuaa
and Dubai Banking Group, an investment firm owned by Sheikh Mohammed Bin Rashid Al-Maktoum, over a 1.5 billion-dirham ($408 million) convertible bond in June.
, which fired its Chief Financial Officer Michael Burgess in May, was forced to renegotiate terms of the bond with Dubai Banking after its shares plunged.
Dubai Banking bought
Shuaa
’s bonds in November 2007 when the investment bank was benefiting from an economic boom led by real-estate and commodity prices.
Shuaa
said yesterday it received regulatory approval to issue new shares to Dubai Banking.
Duwaji resigned for personal reasons and will continue to be a board member, Dubai-based
Shuaa
said on Aug. 12. Duwaji said he wanted to return to the “buy-side and setting up an independent private equity platform.”
returned to profit in the second quarter after three quarters of losses as gains on investments helped boost net income 37 percent to 91.7 million dirhams. The shares surged 14.6 percent in Dubai trading today, the most since June 28.
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