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Shuaa Capital’s CEO resigns; Acting CEO appointed

Shuaa Capital’s CEO resigns; Acting CEO appointed
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Dubai - Mubasher: Shuaa Capital has named Wafik ben Mansour as its Acting CEO to lead the next phase of the firm’s optimisation process and create a growth platform.

The appointment followed Fawad Tariq Khan’s resignation from his post as the company’s CEO due to personal reasons, according to a bourse statement.

Ben Mansour served as a Managing Director at Credit Suisse for 15 years. He joined Shuaa in May 2023 to lead the company’s capital markets platform, which serves institutional clients across the MENA region.

Fadel Al Ali, Chairman of Shuaa Capital, said: “The board of directors welcomes Wafik to his new role and looks forward to working with him and the wider management team to deliver the next chapter of Shuaa’s growth.”

“As the capital optimisation plan moves forward, we are confident in Shuaa’s ability to leverage the firm’s operational strengths to deliver sustainable growth,” Al Ali indicated.

Ben Mansour commented: “I will be closely working with the board and management team to charter a new course for the company, one that prioritises excellent client service, sustainable growth, and shareholder value while simultaneously enhancing balance sheet efficiency.”

In the first half (H1) of 2023, the DFM-listed firm turned profitable at AED 20.03 million, against net losses of AED 164.30 million in H1-22.