DUBAI: Dubai-based investment bank Shuaa Capital named Walid Shihabi, a former head of research at the firm, as the brokerage division’s new chief executive.
Shihabi succeeds Mohammed Ali Yasin, whose resignation last week has knocked 7 percent off the share price of the brokerage arm of the United Arab Emirates’ top investment bank.
Yasin will leave Shuaa Capital at the end of August, the investment bank confirmed in a statement on Monday. The announcement follows an exclusive Reuters story on Sunday naming Shihabi as Yasin’s successor.
Shihabi left Shuaa Capital in 2009 to take a sabbatical year after spending seven years with the firm as head of research.
Shuaa Securities is the second-largest broker in the United Arab Emirates by market share.
Parent company Shuaa Capital is active in asset management, private equity and investment banking. It suffered losses throughout 2009 as a result of the global financial crisis.
