Iyad Duwaji has resigned as chief executive of Dubai-based Shuaa Capital, after serving in the position for around 14 years. He plans to launch an “independent private equity platform.”
The investment bank in late June ended a dispute with Dubai Banking Group over a Dh1.5bn ($410m) convertible bond, ceding a 48.4 per cent stake to DBG, part of Sheikh Mohammed bin Rashid’s investment portfolio that also spans Dubai International Capital.
“As the central figure and mastermind behind Shuaa Capital, Mr Duwaji presided over the firm’s transition from a small investment company in 1995 to the region’s leading investment bank,” said Majid al-Ghurair, Shuaa’s chairman. Shuaa, the largest United Arab Emirates investment bank, was a trailblazer in Gulf financial markets long before the world’s top bankers descended on the region during the petrodollar boom of 2003-08.
It helped develop market transparency through its respected research department and carved out a lucrative niche in initial public offerings.