Shuaa Capital losses lead to ‘rigorous cost controls’ and cuts



Shuaa Capital plans to cut further costs after swinging to a loss in the second quarter, as it earmarked Dh56.9 million as provisions for its SME lending business, the Dubai investment bank said.

Net losses in the three months to June 30 reached Dh50.8m, compared with a net profit of Dh1.7m in the same period a year earlier, the company said.

“Shuaa’s second-quarter performance is reflective of the ongoing volatility in global markets and the challenges facing the local SME sector,” said the bank’s chairman, Abdul Rahman Al Hareb. The company plans to undertake “rigorous cost controls” and appoint senior executives to help turn it around. Gulf Finance, the company’s SME lending business, posted a 9.8 per cent drop in revenue to Dh34.6m, while general and administrative expenses were reduced by 15 per cent.

Abu Dhabi Financial Group, an investment firm, became Shuaa’s largest shareholder in June after acquiring a 48.3 per cent stake in the bank from ­Dubai Group.

dalsaadi@thenational.ae

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One in nine do not have enough to eat

Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.

One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.

The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.

Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.

It is currently estimated that one in nine people globally do not have enough to eat.

On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.

Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.

 

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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Huddersfield Town permanent signings:

  • Steve Mounie (striker): signed from Montpellier for £11 million
  • Tom Ince (winger): signed from Derby County for £7.7m
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  • Laurent Depoitre (striker): signed from Porto for £3.4m
  • Scott Malone (defender): signed from Fulham for £3.3m
  • Zanka (defender): signed from Copenhagen for £2.3m
  • Elias Kachunga (winger): signed for Ingolstadt for £1.1m
  • Danny WIlliams (midfielder): signed from Reading on a free transfer
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