Business

Shuaa Capital losses lead to ‘rigorous cost controls’ and cuts

Dubai investment bank's net losses in the three months to June 30 reached Dh50.8m

Dania Saadi

August 14, 2016

  • English
  • Arabic

Shuaa Capital plans to cut further costs after swinging to a loss in the second quarter, as it earmarked Dh56.9 million as provisions for its SME lending business, the Dubai investment bank said.

Net losses in the three months to June 30 reached Dh50.8m, compared with a net profit of Dh1.7m in the same period a year earlier, the company said.

“Shuaa’s second-quarter performance is reflective of the ongoing volatility in global markets and the challenges facing the local SME sector,” said the bank’s chairman, Abdul Rahman Al Hareb. The company plans to undertake “rigorous cost controls” and appoint senior executives to help turn it around. Gulf Finance, the company’s SME lending business, posted a 9.8 per cent drop in revenue to Dh34.6m, while general and administrative expenses were reduced by 15 per cent.

Abu Dhabi Financial Group, an investment firm, became Shuaa’s largest shareholder in June after acquiring a 48.3 per cent stake in the bank from ­Dubai Group.

dalsaadi@thenational.ae

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Results

2pm: Maiden (PA) Dh 40,000 (Dirt) 1,200m, Winner: AF Thayer, Tadhg O’Shea (jockey), Ernst Oertel (trainer).

2.30pm: Maiden (PA) Dh 40,000 (D) 1,200m, Winner: AF Sahwa, Nathan Crosse, Mohamed Ramadan.

3pm: Handicap (PA) Dh 40,000 (D) 1,000m, Winner: AF Thobor, Szczepan Mazur, Ernst Oertel.

3.30pm: Handicap (PA) Dh 40,000 (D) 2,000m, Winner: AF Mezmar, Szczepan Mazur, Ernst Oertel.

4pm: Sheikh Hamdan bin Rashid Al Maktoum Cup presented by Longines (TB) Dh 200,000 (D) 1,700m, Winner: Galvanize, Nathan Cross, Doug Watson.

4.30pm: Handicap (PA) Dh 40,000 (D) 1,700m, Winner: Ajaj, Bernardo Pinheiro, Mohamed Daggash.

UAE Premiership

Results
Dubai Exiles 24-28 Jebel Ali Dragons
Abu Dhabi Harlequins 43-27 Dubai Hurricanes

Fixture
Friday, March 29, Abu Dhabi Harlequins v Jebel Ali Dragons, The Sevens, Dubai

Short-term let permits explained

Homeowners and tenants are allowed to list their properties for rental by registering through the Dubai Tourism website to obtain a permit.

Tenants also require a letter of no objection from their landlord before being allowed to list the property.

There is a cost of Dh1,590 before starting the process, with an additional licence fee of Dh300 per bedroom being rented in your home for the duration of the rental, which ranges from three months to a year.

Anyone hoping to list a property for rental must also provide a copy of their title deeds and Ejari, as well as their Emirates ID.

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Name: Timothy Husband

Nationality: New Zealand

Education: Degree in zoology at The University of Sydney

Favourite book: Lemurs of Madagascar by Russell A Mittermeier

Favourite music: Billy Joel

Weekends and holidays: Talking about animals or visiting his farm in Australia

Red flags
  • Promises of high, fixed or 'guaranteed' returns.
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Courtesy: Carol Glynn, founder of Conscious Finance Coaching

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Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)

Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)

Scores

Day 2

New Zealand 153 & 56-1
Pakistan 227

New Zealand trail by 18 runs with nine wickets remaining

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Director: Zoya Akhtar
Producer: Excel Entertainment & Tiger Baby
Cast: Ranveer Singh, Alia Bhatt, Kalki Koechlin, Siddhant Chaturvedi​​​​​​​
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2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.

3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.

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