Shuaa to name Shihabi as broking unit CEO, say sources

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DUBAI: A former head of research at Dubai-based investment bank Shuaa Capital is likely to be named as the new chief executive of its brokerage division, sources familiar with the matter said on Sunday.

Walid Shihabi, who left his position as head of reasearch at Shuaa Capital in January 2009, will likely take over from Mohammed Ali Yasin, who has resigned as the head of Shuaa Securities and will leave the company at the end of August.

Shuaa Securities is the second-largest broker in the United Arab Emirates by market share.

Shihabi joined Shuaa Capital in 2001 and has been working as a private investor and consultant since resigning in 2009.

He declined to comment on the potential appointment when called by Reuters. A Shuaa Capital spokesman also declined comment.

Parent company Shuaa Capital swung to a net profit of AED19.5 million ($5.3 million) in the first quarter, helped by its asset management business and lower expenses.

One of the largest regional investment banks, Shuaa suffered heavy losses in 2009 as a result of the global financial crisis.

Yasin was named chief executive of Shuaa Securities in 2006, and oversaw the firm’s rapid expansion across the Middle East. Shuaa said on June 29 that Yasin’s replacement would be announced shortly.


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