Shuaa replaces Al Ansari as CEO

Dubai investment bank Shuaa Capital, which has been struggling to generate revenues amid a slowdown in its core business, appointed a former Credit Suisse banker as its new chief executive, replacing Sameer Al Ansari.

Michael Philipp, who was also appointed to Shuaa's board just this week, was previously the chairman and chief executive officer of Credit Suisse Europe, Middle East and Africa.

Al Ansari had been at the helm at Shuaa since 2009, after stepping down from his role as the chief executive of Dubai International Capital earlier that year.

One of the Gulf Arab region's largest investment banks, Shuaa was hit hard by the global financial downturn as impairments related to troubled assets erased profits.

Last month Shuaa, which helped float ports operator DP World, said it was in talks with a number of target companies after sources told Reuters that the company was eyeing brokerage buys in Egypt.

Shuaa's core brokerage and investment banking business has suffered amid a slump in initial public offerings and muted trade volume. It has been shedding risky assets from its investment portfolio.

The company posted a small second-quarter net profit in July, helped by aggressive cost cuts and strength in asset management business.

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