- DUBAI: Investment losses drove Shuaa Capital to an overall loss in 2010, the investment bank said as it sheds risky assets and turns the business around after the burst of Dubai's property and asset bubble.
The Dubai-based investment bank halved its loss in 2010 to 223.6 million dirhams ($61 million), from 529.8 million dirhams in 2009.The fourth-quarter loss was 186.7 million dirhams, compared with 154.3 million dirhams a year earlier, driven by impairments and lower valuations.
Income in 2010 shrank 29.7 percent to 188.4 million dirhams, while quarterly income fell 8.4 percent from a year earlier to 42.8 million dirhams.