Dubai: Shuaa Capital, a regional financial services company, reported on Saturday a net loss Dh529.8 million including investment impairment charges of Dh 312.2 million and provisions of Dh 210.5 million for 2009.
Shuaa had posted a net loss of Dh889.6 million in the same period ending December 31, 2008, the company said in a statement.
The fourth quarter 2009 net let loss was Dh154.3 million compared to a net loss of Dh 577.4 million during the fourth quarter 2008.
The fourth quarter results reflect Dh53.2 million of impairment charges and provisioning of Dh 89.8 million.
"Global markets went through unprecedented and profound change during 2009. Although there are visible signs of improvement in our industry, the market recovery is still fragile in certain areas of our business. At Shuaa, we took decisive steps to emerge stronger from the downturn, we continued to make progress and have passed critical milestones on our own path to recovery," Majid Saif Al Ghurair, Chairman of Shuaa Capital said in a statement.
