...as does Shuaa Capital

Staff reporter dubai — Investment bank Shuaa Capital swung back to black in the first half of 2017 due to significant fall in provisions.

It posted a Dh36.8 million profit compared to a Dh78.3 million loss in the same period last year, it said in a Press statement on Thursday.

The second quarter of 2017 saw Shuaa reporting a Dh12.1 million profit compared to Dh50.8 million loss in the same period last year 2016, driven by proprietary investments, advisory transactions and management fees of real estate funds.

Total revenues in the second quarter of 2017 was Dh30.4 million compared to Dh44.6 million, while total revenues for the first half of 2017 stood at Dh62.2 million as against Dh90.1 million in year-ago period.

Income from proprietary investments during the same period reached Dh22 million, while provisions reduced significantly to Dh11 million from Dh57 million.

Fawad Tariq-Khan, general

Our focus... was twofold: first to reinforce the foundations of the group, and second to refocus and streamline our operations to create synergies across the business and with external partners Fawad Tariq-Khan, General manager of Shuaa Capital

manager of Shuaa Capital, said: “Our focus during the first six months of the year was two-fold, first to reinforce the foundations of the group, and second to refocus and streamline our operations to create synergies across the business and with external partners.” — waheedabbas@khaleejtimes.com