Dubai-based investment bank Shuaa Capital returned to profit in the first quarter of 2021 on the back of substantially higher fee income.
The company recorded net profit of Dh25 million for the three months to March 31, compared to a Dh262m loss on the same period last year as net fee and commission income almost doubled to Dh96.9m, from Dh49.2m a year ago.
The company highlighted a "strong start" to the year, advising on deals such as Anghami's forthcoming listing on New York's Nasdaq market through a special purpose acquisition company, and Abu Dhabi-based Pure Harvest's $60m debt and equity fundraising.
"We have further solidified our platform and have successfully concluded our merger integration programme," chief executive Jassim Alseddiqi said.
"Our focus now shifts onto growth and transformation with significant hiring across the platform, new product launches and differentiated value propositions for our clients."
Shuaa Capital completed a merger with Abu Dhabi Financial Group in 2019, creating a larger entity with a greater focus on asset management. It also sold off its brokerage arm, Shuaa Securities, to Abu Dhabi's International Holding Company last year. The sale of other non-core assets is continuing, the company said.
Assets under management fell slightly during the quarter to Dh13.9bn, from Dh14.1bn at the end of 2020, which the bank said was due to "the exit of a low-margin mandate". However, it added that it is continuing to progress plans to build permanent capital, with two funds that launched in the last quarter of 2020 paying their first dividend during the periodand three more expected to be rolled out in the future.
A new debt sub-segment within the company's asset management arm has been created, which will manage the recently-launched Shuaa Financing Opportunities Fund (SFOF) that will focus on private debt investments, both through standalone deals and funds.
Following its involvement in the Anghami and Pure Harvest deals, the company said it sees more opportunities in technology investment and in Islamic investment and is planning new fund launches.
It is also hiring more staff, with 30 open roles. It has employed 10 new people since the start of the year, including a new chief executive for its real estate arm – former Imkan and Emaar Misr chief Walid El-Hindi.
Shuaa's share price closed unchanged at Dh0.61 on Monday. It has fallen by about 10 per cent since the start of this year, but remains almost 30 per cent ahead of its value at this time last year.
Isle of Dogs
Director: Wes Anderson
Starring: Bryan Cranston, Liev Schreiber, Ed Norton, Greta Gerwig, Bill Murray, Jeff Goldblum, Scarlett Johansson
Three stars
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Tomorrow 2021
Tomorrow 2021
Brief scores:
Toss: Nepal, chose to field
UAE 153-6: Shaiman (59), Usman (30); Regmi 2-23
Nepal 132-7: Jora 53 not out; Zahoor 2-17
Result: UAE won by 21 runs
Series: UAE lead 1-0
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Who: India v Afghanistan
What: One-off Test match, Bengaluru
When: June 14 to 18
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Titan Sports Academy:
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Location: Inside Abu Dhabi City Golf Club, Al Mushrif, Abu Dhabi, UAE
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Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
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School uniforms report
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
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Who is Tim-Berners Lee?
Sir Tim Berners-Lee was born in London in a household of mathematicians and computer scientists. Both his mother, Mary Lee, and father, Conway, were early computer scientists who worked on the Ferranti 1 - the world's first commercially-available, general purpose digital computer. Sir Tim studied Physics at the University of Oxford and held a series of roles developing code and building software before moving to Switzerland to work for Cern, the European Particle Physics laboratory. He developed the worldwide web code as a side project in 1989 as a global information-sharing system. After releasing the first web code in 1991, Cern made it open and free for all to use. Sir Tim now campaigns for initiatives to make sure the web remains open and accessible to all.
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
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It Was Just an Accident
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Engine: 4.0-litre, twin-turbocharged V8
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Cadillac XT6 2020 Premium Luxury
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Fines for littering
In Dubai:
Dh200 for littering or spitting in the Dubai Metro
Dh500 for throwing cigarette butts or chewing gum on the floor, or littering from a vehicle.
Dh1,000 for littering on a beach, spitting in public places, throwing a cigarette butt from a vehicle
In Sharjah and other emirates
Dh500 for littering - including cigarette butts and chewing gum - in public places and beaches in Sharjah
Dh2,000 for littering in Sharjah deserts
Dh500 for littering from a vehicle in Ras Al Khaimah
Dh1,000 for littering from a car in Abu Dhabi
Dh1,000 to Dh100,000 for dumping waste in residential or public areas in Al Ain
Dh10,000 for littering at Ajman's beaches
EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
