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Dubai-based SHUAA Capital has appointed a new chairman, vice chairman and managing director, as it continues a restructuring process following the departure of its largest individual shareholder last year.
The board of the investment bank and asset manager will now be chaired by former vice chairman Badr Al Olama, who is also the director general of Abu Dhabi Department of Economic Development (ADDED) and Abu Dhabi Investment Office (ADIO).
New board member Nabil Ramadhan, who is chief strategy and marketing officer at Dubai Holding Asset Management, will serve as vice chairman.
Ahmed Alahmadi, former Abu Dhabi sovereign wealth fund official, current CEO of Al Baher Real Estate, who joined the SHUAA Capital board for the second time in August 2023, will now serve as managing director, a bourse filing said.
The new appointments follow the departure of chairman Fadhel Al Ali, who stepped down from the Dubai-based entity following nearly five years in the role, and a series of resignations, ending with its legal and compliance head last month.
The Dubai Financial Market (DFM)-listed entity is in the process of restructuring, having secured agreement from bondholders of its outstanding $150 million bond to convert a portion of notes to equity after negotiations.
SHUAA announced last year that it planned a rights issue to extinguish losses which reached AED 866 million ($235.78 million) in 2023, although it is currently suspended from trading due to not filing audited results for the year.
The entity’s shares fell to an all-time low below AED 0.12 at the end of March and it was forced to deny delisting rumours in February.
Ramadhan was elected to the board on Wednesday at SHUAA’s general assembly in Abu Dhabi along with Darwish Al Ketbi, group head of investment of Abu Dhabi conglomerate Darwish Bin Ahmed & Sons Group.
The fifth board member is Hamda Eid Al Mheiri, director of government and sovereign relations at Abu Dhabi sovereign investor ADQ.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)
