Shuaa Capital reversed its AED 30.9 mn in losses in 2Q 2024 with a net income attributable to owners of AED 18.7 mn in 2Q 2025, according to its financials (pdf). Revenues also rose 16.9% y-o-y to AED 23.3 mn. On a six-month basis, the firm posted net income of AED 214.4 mn in 1H 2025 against a loss of AED 116.7 mn last year, largely attributed to the funds it raised from the issuance of mandatory convertible bonds. Revenues stood at AED 49 mn, slightly down from the AED 50.1 mn recorded a year before.

Breakdown: Investment banking contributed AED 10.7 mn to the firm’s top line in 2Q 2025, followed by asset management at AED 8.1 mn and real estate at AED 3.9 mn, according to a separate earnings release (pdf).

Legacy losses remain: Shuaa carried accumulated losses of AED 888 mn as of end-June — equal to 24.3% of its capital — reflecting fair value impairments on UK and real estate assets, associate valuation losses, deferred tax liabilities, and receivable write-offs, according to a disclosure (pdf).

Looking ahead: The company said it is rolling out a five-year plan focused on launching funds, reviving its investment banking platform, and maintaining a leaner structure.

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