Shuaa Capital appoints Abdul Rahman Al Hareb as new chairman

Mr Al Hareb, who holds top board positions at Emaar Properties and Dubai Holding, was chosen at a board meeting last.

Shuaa Capital has appointed a new chairman to take over from Sheikh Maktoum Hasher Al Maktoum.

Abdul Rahman Al Hareb, who holds top board positions at Emaar Properties and Dubai Holding, was chosen at a board meeting last week to take over the top job at the region's oldest investment bank.

Sheikh Maktoum has been the chairman for three years, and has turned Shuaa around from losses in the aftermath of the global financial crisis to profitability. Last week it reported a ninefold increase in profit to Dh25.8 million for the year, despite market volatility that made the final quarter loss-making. It was the second consecutive year of profits for Shuaa after five loss-making years.

Mr Al Hareb is regarded as a seasoned financial professional with experience of key positions at the heart of Dubai’s financial infrastructure.

In addition to his non-executive role at Emaar, he is the chairman of the Dubai Holding audit committee, responsible for the annual audit and other key aspects of corporate governance in the conglomerate.

Mr Al Hareb said: “I am honoured to have been asked to take on the role of chairman of Shuaa Capital.”

Sheikh Maktoum said: “Having achieved the goal of returning the business to profitability, I am pleased to be handing over the chair to Mr Al Hareb, and I am confident he is the right person to take the company forward.”

Industry observers expect further board changes at Shuaa next month when the current board comes up for re-election.

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