Dubai's Shuaa Capital Q4 net loss narrows on cost cuts
DUBAI Feb 10 (Reuters) - Shuaa Capital, a Dubai investment bank hard hit by the global financial crisis, on Sunday said its fourth-quarter net loss narrowed as it cut costs and reduced non-core assets amid a shift in strategy.
Shuaa, which has laid off a third of its staff since 2011 and slashed operating costs, posted a quarterly net loss of 20.7 million dirhams ($5.64 million), compared with a net loss of 111.9 million dirhams a year earlier, it said in a bourse statement.
One of the Arab world's largest investment banks and once a symbol of the sector's potential in the region, Shuaa is among a group of regional investment firms struggling to stay afloat after a slump in the value of its investment portfolio. The firm hired ex-ABN Amro banker Colin MacDonald as chief executive in April and is counting on the lending business as part of a turnaround plan under Chairman Sheikh Maktoum bin Hasher al-Maktoum, a member of Dubai's ruling family.
Fourth-quarter revenue rose slightly to 25.2 million dirhams from 20.1 million dirhams a year earlier, Shuaa said.
- Housing, jobs data weaken, but overall economic picture still upbeat
- Putin critic Khodorkovsky in Germany after pardon
- Investigators look overseas for hackers in Target case: source
- Pizza outlet attacked as India, U.S. fail to cool diplomat row |
- New York Mayor-elect's reputation for lateness parodied on Twitter