Dubai-based financial services institution, Shuaa Capital has appointed Sameer Al Ansari as the new CE. This comes in after Iyad Duwaji resigned from the post this month. The appointment of Ansari as the CEO will come into effect from 1 September 2009.
SHUAA Capital has five core lines of business – investment banking, asset management, brokerage, private equity and finance.
Prior to joining SHUAA, Ansari was the CFO for the executive office of Sheikh Mohammand Bin Rashid Al Makhtoum of the royal family.
Commenting on the appointment, the companys Chariman, Majid Saif Al Ghurair, in a release said, “We are pleased that we have appointed a particularly prominent and recognized executive to lead SUHAA. Sameer Al Ansari has a strong professional track record and decades of expertise in the international investment arena. Based on his achievements and many years of experience as Chief Executive Officer, we are confident that Mr Al Ansari is predestined to steer SHUAA to the next phase of growth.”
Ansari said that SHUAA had achieved strong leadership position in each if its five core businesses and had developed network of deep relationships in all of its main market. I look forward to building on SHUAA’s successes and developing its business across the region added Ansari.
Prior to his stint as the CFO, he was the CFO of Dubai Aluminium Company (DUBAL), he also participated in establishment of Dubai Holdings in 2004, before founding Dubai International Capital (DIC) in October 2004, of which he is also the executive chairman, a role he is going to continue with inspite of his appointment as the CEO.
SHUAA Capital had recently announced a 37% increase in its second quarter profit to AED 91.7 million from 67.1 million in the same period previous year. Diluted earnings per share were AED 0.086, versus AED 0.067 for the same period last year.
Operating expenses recorded a drop of 27% year-on-year, from AED 110.4 million in 2008 to 80.6 million in the second quarter of 2009.
SHUAA Capital is a listed company on the Dubai Financial Market (DFM).
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