DFM-listed Shuaa Capital turns in 60% gain on Q1-2023 net profit as real estate delivers big

DFM-listed Shuaa Capital turns in 60% gain on Q1-2023 net profit as real estate delivers big

Dubai: Real estate played its part as the Dubai investment firm Shuaa put together a Dh14.7 million net profit for Q1-23, a smart 60 per cent increase from last year. Having a ongoing luxury project on the Palm will help with the numbers down the line – but there’s more coming. Shuaa Capital through its Northacre real estate arm should launch a new project in London ‘within the next 12 months’, according to the CEO Fawad Tariq Khan. And Shuaa will keep an eye out for more property prospects in Dubai. Khan is not one fretting about whether the ongoing boom in the Dubai property market might turn some time in the near future. “I’ve been here 12 years, and the talk about Dubai property market taking a turn has been a constant discussion at dinner tables or elsewhere,” he said. “But it’s a fact that the city is attracting new residents every day, people enjoy living here and they do not mind the indirect taxes. “We will keep looking at real estate investments but by being selective. If we launch something, it has to be something unique.”