The storm had already claimed the lives of at least two people in China's Hainan and 16 people in the Philippines
asia11 hours ago
Chief Executive Iyad Duwaji told the Reuters Middle East Investment Summit on Tuesday Shuaa hoped to get an investment banking licence for the Arab world’s biggest economy later this year.
“The (licence application) process is underway. We have sent them all papers,” he said, adding Shuaa had agreed with four Saudi firms to start a joint venture in which the Dubai-based firm would hold 60 percent.
He said Shuaa, which has been hit by a stock market crash in the Gulf, planned to double its staff to 400 within two years as it expands in the Middle East in a drive to help investors in the region eyeing the Gulf.
“Gulf markets are opening up. We think the capital inflows will be increasing,” he said.
Shuaa Capital has secured regulatory approval to raise its stake in Qatari brokerage Amwal Investment to 47 percent from 22 percent. Shuaa has also applied for a brokerage licence in Qatar, he said.
Half of Shuaa’s brokerage revenues in the quarter to March 31 have come from foreign investors, mostly hedge funds, Duwaji said.
Shuaa, which is also active in Turkey, would also soon open an office in Cairo, Egypt’s capital.
Shuaa has seen profits falling for five consecutive quarters due to higher debt and hiring in a move to diversify its business.
He would not say whether Shuaa Capital had been approached by any competitor or possible investor for a takeover.
The storm had already claimed the lives of at least two people in China's Hainan and 16 people in the Philippines
asia11 hours ago
Dubai Police have asked drivers to be extra cautious
transport11 hours ago
The former all-rounder has returned to cricket during the past year after a horrific car crash at the end of 2022
cricket11 hours ago
Dubai Police have asked drivers to be extra cautious
emergencies12 hours ago
The country has set a new Guinness World Record by creating the largest falcon hood, beating the previous record of 1.65 metres
uae12 hours ago
Hamas' health ministry said that 94,616 people have been wounded since the conflict began on October 7
mena13 hours ago
In most Islamic countries, including the Gulf countries, the Prophet's birthday is observed on 12 Rabi’ Al-Awwal 1444
uae holidays14 hours ago
Traffic will be diverted to the opposite side during this period
transport14 hours ago