Dubai's Shuaa Capital anchorage Q4 accident to $42 million

DUBAI – Dubai's Shuaa Capital (SHUA.DU) narrowed its net accident 73 percent in the fourth quarter, as the advance bank's allowance and clandestine disinterestedness operations alternate to accumulation and its accumulated analysis abstemious losses.

The advance coffer said in a account that it cut its fourth-quarter net accident to 154.3 actor dirhams ($42.02 million) from a accident of 577.4 actor dirhams a year earlier.

Shuaa appear a net accident of 529.8 actor dirhams for 2009 -- including advance crime accuse of 312.2 actor dirhams and accoutrement of 210.5 actor dirhams -- compared to a accident of 889.6 actor dirhams in 2008.

"We ... accept anesthetized analytical milestones on our own aisle to recovery. Our brokerage, asset management, accounts and clandestine disinterestedness business produced absolute contributions to the basal band but write-downs and accoutrement account these profits during 2009," Chairman Majid al-Gurair said in the statement.

Impairment accuse amounted to 53.2 actor dirhams and Shuaa took accoutrement of 89.8 actor dirhams in the fourth quarter, the account said.

Several banks in the Gulf Arab arena accept acquaint weaker balance due mainly to the all-around bread-and-butter arrest and accoutrement for accommodation losses.

Shuaa's accumulated division's accident fell to 162.4 actor dirhams in the analysis from a accident of 573.3 actor dirhams a year earlier, while the allowance fabricated a accumulation of 4.9 actor dirhams, airy from a accident of 2.4 actor in the year-earlier period.

The clandestine disinterestedness analysis recorded a accumulation of 3 actor dirhams, compared to a accident of 8.8 actor in the aftermost analysis of 2008.

Short and medium-term debt was bargain to 483.3 actor dirhams at end-2009 from 1.38 billion dirhams a year earlier, the account said.

(Reporting by Firouz Sedarat; alteration by Andrew Roche)