Dubai-based Shuaa Capital yesterday said it aims to trim costs by an additional 14 per cent by the end of the first half as the investment bank eyes a recovery from an economic downturn and a return to profitability. Shuaa, in a statement ahead of the publication of its first-quarter results due next week, said it has eliminated 60 per cent of its employees since the beginning of 2011, layoffs that took place primarily in its retail brokerage business. "We have worked hard to cut costs in 2011 and this continued into 2012. Year on year, we have already improved our monthly operating cash flow by 57 per cent. Our target for the first half of 2012 is a further reduction of 14 per cent, leading to a total improvement of operating cash flow of 71 per cent since the launch of our systematic right-sizing programme in 2011," said Shaikh Maktoum Bin Hasher Al Maktoum, Executive Chairman of Shuaa Capital.

Bank Alkhair

The former chief executive and founder of Bahrain's Bank Alkhair has lost a civil court claim in the kingdom which sought to strike down his dismissal by the bank, the latest round of a legal battle between the two parties. A judge at Bahrain's Supreme Fifth Civil Court on Monday dismissed the case brought by a firm owned by Majid Al Refai, as well as three associates, which aimed at nullifying an October 2010 decision by the bank's general assembly to remove him from the board, Bank Alkhair said in a statement. Al Refai left the Islamic bank, at the time named Unicorn Investment Bank, in August 2010 and a subsequent investigation conducted by consultancy Deloitte alleged he had committed 58 criminal offences, including misappropriating bank funds.

Abraaj Capital

Arif Naqvi, founder and group chief executive officer of private equity company Abraaj Capital that manages more than $6 billion, has been appointed to the board of Global Compact, an advisory body of the UN. Naqvi will join 13 business leaders from various regions and industries on the body involving business, civil society, labour and employers' organisations, Abraaj said in an emailed statement yesterday.

Finance House

FH Securities, an affiliate of Finance House (FH), has announced the appointment of Ayman Al Khatib as general manager. With 15 years experience in management and brokerage services, Al Khatib will drive FH Securities growth plans for 2012 and direct the company's future business direction. Finance House offers equity brokerage services in the Abu Dhabi Stock Exchange (ADX) and Dubai Financial Market (DFM) in addition to online trading services.

Arab Bank Group

Jordan-based Arab Bank Group posted a 10 per cent rise in quarterly profit yesterday to $204 million, as revenues rose and its wide geographical spread left it less exposed to the region's political turmoil than some of its peers.

The bank, which has a presence in 30 countries, saw assets grow 1.5 per cent to $46.3 billion at end-March 2012, according to a bourse statement. Gross income for January-March rose 8.5 per cent to $459.6 million with a healthy rebound in the bank's core commission and trade finance business.

Tasnee

Saudi Arabia's National Industrialisation Company (Tasnee) will begin meeting investors next week ahead of a potential debut Islamic bond, or sukuk, the petrochemicals firm said in a regulatory filing. HSBC's Saudi Arabian unit has been selected to organise the roadshows, which could lead to a privately-placed transaction, according to a statement published on Monday. A number of Saudi entities have priced their first local currency sukuk this year as interest in the country's debt market grows on the back of high investor liquidity and a desire to diversify funding sources away from bank loans.

Mobinil

Egyptian Co for Mobile Services (Mobinil) reported a first-quarter loss after costs rose as the company upgrades its network. The net loss for the three months ended March 31 was 74 million Egyptian pounds after reporting a 23 million pound profit in the same period last year, the Cairo-based company known as Mobinil said.

— Compiled from agencies and staff reports