Dubai-based investment bank Shuaa Capital’s board recommended a cash dividend of Dh76 million ($20.69m) for 2020, as it delivered a strong profit despite difficult market conditions last year. The 3 fils per share profit is the first dividend payment to shareholders following the company's merger with Abu Dhabi Financial Group in 2019, Shuaa <a href="https://feeds.dfm.ae/documents/2021/Mar/11/a064c04e-e433-44c2-b779-08c528699fdf/SHUAA_PR_E_10_03_2021.pdf">said in a statement</a> on Thursday to the Dubai Financial Market, where its shares trade. “We have remained focused on realising our growth strategy and the results are clearly evident in our FY [financial year] 2020 performance, including our ability to pay our first dividend post-merger,” Fadhel Al Ali, chairman of Shuaa Capital, said. The company <a href="https://feeds.dfm.ae/documents/2021/Mar/11/bca48d92-4d55-4970-9f20-ef023c33537e/SHUAA_FS_ANN_E_10_03_2021.pdf">reported</a> a full-year net income of Dh125m, a 168 per cent rise from 2019, as net fee and commission income more than doubled to Dh219m. Net interest income also rose during the reporting period, while provision for impairment losses on financial instruments fell to Dh4.8m from Dh22m in the previous year. Last year, Shuaa also led a funding round for music <a href="https://www.thenationalnews.com/business/markets/middle-east-music-streaming-service-anghami-set-to-list-on-nasdaq-1.1176900">streaming platform Anghami,</a> which is set to become the first technology firm from the Middle East region to list on the Nasdaq in New York, following a merger with a blank-cheque company. “The investment is aligned with Shuaa’s investment criteria and interest in pursuing investments in the technology space but also supports its aim of creating significant value for its investors,” Shuaa Capital said. In September, the company also launched Shuaa Financing Opportunities Fund, its first dedicated financing fund focused on Sharia-compliant opportunities in the GCC. The fund now has over $70m in commitments, “reflecting the company’s excellent track record in private lending where it has generated returns of 15 per cent”, it said. It also launched three other new funds under an Incorporated Cell Company (ICC) Fund Platform on the Abu Dhabi Global Market last year.