DUBAI Feb 10 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
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.