Fawad Khan, who led the Dubai-based investment bank Shuaa Capital for more than 18 months, has resigned from his post.
Mr Khan stepped down for “personal reasons” and “will serve his notice period of three months with Shuaa providing support and ensuring smooth continuity of business activities”, the company said in a statement on Monday to the Dubai Financial Market, where its shares are traded.
Shuaa’s board has appointed Wafik Ben Mansour as acting chief executive to run the company affairs in the meantime.
"Wafik will lead the next phase of Shuaa capital's optimisation process to create a growth platform and capitalise on market opportunities in the UAE and wider region," the company said.
Formerly a managing director at Credit Suisse for 15 years, Mr Ben Mansour joined Shuaa in May this year to lead the company’s advisory and capital markets platform, which serves institutional clients across the Middle East and North African region.
Mr Khan was associated with Shuaa for the more than six years in roles including head of investment banking, according to his LinkedIn profile.
He took charge of Shuaa Capital in June 2022, replacing Jassim Alseddiqi, who moved on to take a board position and became managing director.
In August, Mr Alseddiqi, one of the top shareholders in Shuaa Capital, also stepped down as the managing director and repositioned his stake in the Dubai-based investment banking and asset management company.
In a LinkedIn post at the time, Mr Alseddiqi said a significant change is taking place that will make way for new shareholders in the company that manages $5 billion in assets.
Shuaa, which has gone through a business transformation over the past few years, at its height managed more than $13 billion in assets under management (AUM).
Shuaa aims to double its AUMs to $10 billion in the next five years and is evaluating several investment deals across the broader GCC, Mr Khan told The National in an interview in August.
The company is looking at potential investment opportunities, particularly in Saudi Arabia and the UAE, the Arab world’s two largest economies, including deals in the real estate and hospitality sectors.
The investment manager is also seeking divestment opportunities, including public listings, as well as partial exits through strategic investors, for its portfolio companies as it continues to evolve and reshape its asset base, Mr Khan said at the time.
In terms of potential investments, Shuaa is looking at target companies with “real assets” including asset-backed real estate transactions, and deals in shipping, industrial and hospitality sectors, he added.
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
HWJN
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Killing of Qassem Suleimani
England-South Africa Test series
1st Test England win by 211 runs at Lord's, London
2nd Test South Africa win by 340 runs at Trent Bridge, Nottingham
3rd Test July 27-31 at The Oval, London
4th Test August 4-8 at Old Trafford, Manchester
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
HAJJAN
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Mohammed bin Zayed Majlis
Williams at Wimbledon
Venus Williams - 5 titles (2000, 2001, 2005, 2007 and 2008)
Serena Williams - 7 titles (2002, 2003, 2009, 2010, 2012, 2015 and 2016)
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Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
WHAT FANS WILL LOVE ABOUT RUSSIA
FANS WILL LOVE
Uber is ridiculously cheap and, as Diego Saez discovered, mush safer. A 45-minute taxi from Pulova airport to Saint Petersburg’s Nevsky Prospect can cost as little as 500 roubles (Dh30).
FANS WILL LOATHE
Uber policy in Russia is that they can start the fare as soon as they arrive at the pick-up point — and oftentimes they start it even before arriving, or worse never arrive yet charge you anyway.
FANS WILL LOVE
It’s amazing how active Russians are on social media and your accounts will surge should you post while in the country. Throw in a few Cyrillic hashtags and watch your account numbers rocket.
FANS WILL LOATHE
With cold soups, bland dumplings and dried fish, Russian cuisine is not to everybody’s tastebuds. Fortunately, there are plenty Georgian restaurants to choose from, which are both excellent and economical.
FANS WILL LOVE
The World Cup will take place during St Petersburg's White Nights Festival, which means perpetual daylight in a city that genuinely never sleeps. (Think toddlers walking the streets with their grandmothers at 4am.)
FANS WILL LOATHE
The walk from Krestovsky Ostrov metro station to Saint Petersburg Arena on a rainy day makes you wonder why some of the $1.7 billion was not spent on a weather-protected walkway.
2.0
Director: S Shankar
Producer: Lyca Productions; presented by Dharma Films
Cast: Rajnikanth, Akshay Kumar, Amy Jackson, Sudhanshu Pandey
Rating: 3.5/5 stars
Jewel of the Expo 2020
252 projectors installed on Al Wasl dome
13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas
550 tonnes of moulded steel were raised last year to cap the dome
724,000 cubic metres is the space it encloses
Stands taller than the leaning tower of Pisa
Steel trellis dome is one of the largest single structures on site
The size of 16 tennis courts and weighs as much as 500 elephants
Al Wasl means connection in Arabic
World’s largest 360-degree projection surface