Shuaa looks to start afresh after slump



Shuaa Capital, the UAE's biggest investment bank, has not been helped by the malaise in local markets.

Its brokerage unit has been one of the larger players in regional stock trading and has been in discussions with possible target brokerages that have been hit by low trading volumes and a lack of new share sales.

Shuaa's stock, listed on the Dubai Financial Market, has underperformed the market by 25 per cent. The shares have lost almost 10 per cent this week alone to trade at Dh82 fils. The stock is down 35 per cent since January.

"We have made it no secret that we are looking at opportunities to create new synergies and now with a clean balance sheet we are ready for a fresh start," said a company spokesman. "Negotiations are at different stages."

Reports suggested Shuaa was looking at Egypt's Beltone Financial and HC Securities. Shuaa declined to identify the companies.

But analysts are unconvinced such deals would help to contribute to Shuaa's profitability in the near future.

"We believe Beltone could be a target, but a takeover is likely to reduce Shuaa's net asset value and is unlikely to contribute to its earnings in the short term," said Jaap Meijer, a banking analyst at AlembicHC in Dubai.

Beltone is trading at a price-to-book value of 1.07 times while Shuaa is trading at 0.61 times. Beltone Financial recorded losses of 10.2 million Egyptian pounds in the first half of the year because of the slump on the Egyptian Exchange.

Shuaa, which helped to arrange a US$5 billion initial public offering of the Dubai ports operator DP World in 2007, has faced challenges in taking on new mandates because of weak markets.

The investment bank acted as the book-runner for the Dubai telecommunications retailer Axiom last November, but the offering was cancelled on December 7, the day before it was expected to debut on Nasdaq Dubai. The company cited poor market conditions as a reason for the decision.

Shuaa's second-quarter results this year showed it was back in the black, with profits of Dh626,000 after a streak of losing quarters. Investors hoping that the company remains in the black in coming quarters may question the wisdom of the bank extending its footprint in the brokerage business.

The Sand Castle

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Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

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Primeiro Agosto (ANG) v Esperance (TUN) (8pm UAE)
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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
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Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
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Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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(Ahmed 02’, El Shahat 17’, Al Ahbabi 60’)

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Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

Director: Amith Krishnan

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Basquiat in Abu Dhabi

One of Basquiat’s paintings, the vibrant Cabra (1981–82), now hangs in Louvre Abu Dhabi temporarily, on loan from the Guggenheim Abu Dhabi. 

The latter museum is not open physically, but has assembled a collection and puts together a series of events called Talking Art, such as this discussion, moderated by writer Chaedria LaBouvier. 

It's something of a Basquiat season in Abu Dhabi at the moment. Last week, The Radiant Child, a documentary on Basquiat was shown at Manarat Al Saadiyat, and tonight (April 18) the Guggenheim Abu Dhabi is throwing the re-creation of a party tonight, of the legendary Canal Zone party thrown in 1979, which epitomised the collaborative scene of the time. It was at Canal Zone that Basquiat met prominent members of the art world and moved from unknown graffiti artist into someone in the spotlight.  

“We’ve invited local resident arists, we’ll have spray cans at the ready,” says curator Maisa Al Qassemi of the Guggenheim Abu Dhabi. 

Guggenheim Abu Dhabi's Canal Zone Remix is at Manarat Al Saadiyat, Thursday April 18, from 8pm. Free entry to all. Basquiat's Cabra is on view at Louvre Abu Dhabi until October

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If you go...

Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.

Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50

Match info:

Portugal 1
Ronaldo (4')

Morocco 0

'Panga'

Directed by Ashwiny Iyer Tiwari

Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta

Rating: 3.5/5

COMPANY PROFILE
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