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MENAFN - Khaleej Times - 01/01/2014

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(MENAFN - Khaleej Times) Shuaa Capital has announced steps to increase operational efficiency and foster revenue generation.

The Dubai-based financial service provider said its chief executive officer Colin Macdonald will leave the group upon expiry of his contract on Tuesday. The company, which also made changes to its senior management team, did not name a replacement.

In a statement, the company said that Houssem Ben Haj Amor, who is currently the company's chief financial officer, will be appointed general manager. Amor joined Shuaa in 2007, prior to which he worked for Socit Gnrale, where he headed the accounting department of its Tunisian subsidiary and was responsible for implementing a full new banking system.

Karim Schoeib, who has worked with the firm since 2005, has been appointed as CEO of investment banking, which includes corporate finance advisory and capital markets. Schoeib has led a number of public transactions including IPOs and private placement transactions in various sectors in the UAE, and has also led a number of cross border M&A transactions between the UAE, Saudi Arabia, Qatar and Kuwait.

Amer Khan, who joined Shuaa as a senior member of the investment management team in 2008, has been appointed senior executive officer of Shuaa Asset Management. Khan, who manages the Arab Gateway Fund and Emirates Gateway Fund at Shuaa, was a senior research analyst at Lusight Research in Canada.

Jennifer Adams has been appointed director of operations, having recently lead the implementation of a new sales and trading platform at Shuaa. Adams has over 20 years of experience in the financial services industry having held strategic leadership positions at JP Morgan, Libertas Capital and Select Equity Group.

Lastly, Michael Hewitt, who previously worked as the CEO of Saffar Capital, a GCC focused investment and advisory firm, has been appointed head of the executive office.

"The company is now in the next phase of its strategic development and we are gearing up to capture new revenue opportunities in the GCC. These senior appointments will accelerate revenue growth in 2014 and beyond," said Shaikh Maktoum Hasher Al Maktoum, executive chairman of Shuaa Capital. Since 2011, Shaikh Maktoum has been the architect of the successful turnaround, and is also the driving force behind the execution of the company's strategic, financial and operational roadmap and its return to profitability.

"We believe that the breadth and depth of the senior appointment's technical expertise, operating experience and origination capabilities will enable us to benefit from growth opportunities emerging across the GCC."

The company also extended its thanks to Colin Macdonald for his contribution during his tenure. Macdonald will be leaving the group upon the expiry of his contract. It hired ex-ABN Amro banker Macdonald as chief executive


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