Shuaa Capital’s executive chairman and board director, Sheikh Maktoum Hasher al-Maktoum, will step down from both roles in February, the Dubai-based investment bank said on Sunday.
Maktoum will depart after the disclosure of its full-year results for 2014, Shuaa said in a statement.
A member of Dubai’s ruling family, Maktoum served in his present capacity since May 2011.
During his tenure, the firm underwent a significant turn-around in fortunes having been buffeted by the global financial crisis and problems within the Dubai economy at the turn of the decade.
Having been one of the region’s largest investment banks at the height of Dubai’s boom in 2008, it laid off around a third of its staff between 2011 and 2013 and slashed its operating costs as it pulled out of business areas including broker research to focus on asset management.
Helped by a revival in the local economy, Shuaa recovered from posting a loss of 300 million dirhams ($81.7 million) in 2011 to post its sixth straight quarterly profit in the third quarter of this year, the statement said.
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