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01 October 2023

Shuaa CFO Deards resigns after widened Q4 losses

By Reuters

Shuaa Capital's Chief Financial Officer David Deards has resigned, one source familiar with the matter said on Tuesday, a day after the investment bank reported higher fourth-quarter losses.
The Dubai-based company was not immediately available for comment.

Shuaa has been shedding risky assets from its investment portfolio.

On Monday, Shuaa said its fourth-quarter loss was Dh186.7 million, compared with Dh154.3 million a year earlier, driven by impairments and lower valuations.

Deards was appointed in March 2010 to help the investment bank meet its aim of tripling its fee income in the next three years. He joined from London-listed Alliance Trust.

Shuaa is one of the largest regional investment banks. After years of expanding regionally and abroad, the group was hit hard by the global downturn as impairments related to troubled assets erased profits.