Shuaa swings to loss as revenue falls

Shuaa Capital swung to a loss in the first quarter, driven by a decline in management fee income and zero contribution from its advisory business.

The company reported a net loss attributable to shareholders of AED10 million ($2.7 million), versus a net profit of AED196 million in the same period last year, the company said in a statement to the Dubai Financial Market.

Revenue reached AED18 million, down 7 percent year on year, after management and performance fee revenue fell 18 percent.

The company did not mention whether the Iran war had any impact on its business.

Net loss narrowed quarter on quarter from AED42 million in the fourth quarter of 2025.

“While we are still in a rebuilding phase, the underlying business is showing encouraging signs of stability, with core revenue holding steady and the reported loss narrowing significantly from the prior quarter,” said Nabil Al Rantisi, group CEO.

The company’s balance sheet remained stable, with equity of AED543 million as of March 31, 2026.

In January, the company said a UAE appeals court had upheld a first-instance ruling dismissing its damages claim against certain former executive directors.

Shuaa Capital, founded in 1979, was once among Dubai’s most prominent investment banks but has undergone repeated restructurings since the 2008 financial crisis.

Its stock closed at AED0.216 on Thursday.

Direct Access Investment owns 15.1 percent of Shuaa.

Further reading:

• Shuaa fund to create a national fuel retailer in Saudi Arabia
• Shuaa closes 2025 in the black despite 3% revenue dip
• Shuaa Capital loses appeal in lawsuit against former executives