Shuaa Capital , the investment banks has seen gains and profit for the third quarter. This is the result of the gains that the bank has seen in its investment banking business. It posted a profit of 0.2 million dirhams, which may sound very small but is substantial because till now the bank had been facing a loss of 269.26 million dirhams during the same period last year.

Shuaa is one of the largest investment banks in the Gulf and was hit badly and hard because of the financial turmoil. Most of its assets lost value and that also eased the profits for the bank. In a statement, Majid Al Ghurair, chairman of Shuaa Capital said that the profit is an achievement since the environment they have been working since 2004 have not been friendly at all.

It also said that the banking division recorded a profit of 2.9 million dirhams for the period which is 625 per cent higher than the last year. Besides this, the bank also announced that it is in the process of finalising two mergers and acquisition in a very short period of time. No details were given.