Dubai’s Shuaa Capital says it swings to Q1 profit

Investment bank made $2.23m in first three months of 2014, according to bourse statement

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Dubai’s Shuaa Capital swung to a first-quarter profit, the investment bank said on Sunday, confirming preliminary figures released last month.

Shuaa made a profit of 8.2 million dirhams ($2.23 million) in the three months to March 31, according to a bourse statement. That compares with a loss of 5.9 million dirhams a year earlier.

HSBC forecast Shuaa would make a quarterly profit of 3 million dirhams.

The company’s quarterly revenue was 64.2 million dirhams, up from 36.2 million dirhams in the corresponding period of 2013.

“We are seeing an improved investment banking pipeline and a larger pool of companies wanting to go public, improving the possibility of more transactions being executed by Shuaa,” Sheikh Maktoum Hasher al-Maktoum, Executive Chairman of Shuaa Capital, said in the statement.

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