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Shuaa Capital shares soar on new board appointment

Dubai investors remained shy as Q3 figures are underway. On the fourth quarter's first trading day, volumes at the Dubai Financial Market (DFM) declined to a near-meltdown while the DFM General Index dipped 0.14%, closing at 1,429.73 points. Emaar fell 0.36% to Dhs2.74. Shuaa Capital gained the most, ending 5.47% higher at Dhs0.79. Earlier in the day the Dubai-based investment bank that Michael Philipp has been appointed to the company's Board of Directors. This appointment fills a vacancy on the Board and will bring the total number of the Board of Directors to eight members. Mr. Philipp was previously, Chairman and CEO of Credit Suisse Europe, Middle East and Africa, and served as a Member of the Group Executive Board of Credit Suisse, Switzerland's second bank. Only 26m shares were traded, valued at Dhs30.2m.