The deputy CEO of Shuaa Capital almost saw his company dissolved last week. Who are the people he counts as his contacts?
April 19, 2009 5:11 by Aarti Nagraj
Kerim Mitri is the deputy CEO of Shuaa Capital, an investment bank and asset management firm based in Dubai. Currently he, along with the rest of his company, will be heaving a sigh of relief. Thanks to the economic slowdown and subsequent write-downs on investments, Shuaa Capital posted a net loss of AED948 million ($258.2 million) last year. Shareholders met on April 15 to decide the bank’s fate, and voted against dissolving the company.
In a statement, the bank claimed that its total equity base of AED2.3 billion is “more than sufficient to allow the firm to continue as an ongoing concern and operate all its business units in the future.”
Mitri is not new to the company; he joined as chief financial officer in 1996, and in 2005 was promoted to chief operating officer. A chartered accountant, Mitri worked for the Business Development Bank of Canada as a senior portfolio manager before joining Shuaa Capital.
He currently serves on several business boards related to Shuaa Capital as well as other independent businesses.