The chief executive of Shuaa Securities, the brokerage arm of the Dubai-based investment bank Shuaa Capital, has resigned and is considering launching his own financial services company. Mohammed Ali Yasin confirmed yesterday he had submitted his resignation this week. "It was my choice. I wanted to go and pick another challenge," Mr Yasin said. He plans to continue as chief executive until August when a replacement is expected to be installed, say informed sources. There are two candidates being considered, one of whom is a former employee of Shuaa.
Mr Yasin inherited a company called Emirates Securities, which his father founded in the 1990s before the country had a stock exchange. In those days all trading was handled over the counter. Shuaa Capital first bought a stake in Emirates Securities several years ago and in 2006 took over the company completely and rebranded it Shuaa Securities. Today it is the second-largest brokerage in the UAE.
Mr Yasin denied market rumours that he would join HSBC but said he intended to remain in the UAE and continue to work in financial services. "That's my strength. I'm proud of it and that is what I bring most to the table," he said. Mr Yasin also said he would like to build his own company from scratch or link with an existing one to start a new business. He did not give a timetable for when he hopes to make that next step.
He said he had enjoyed his time at Shuaa and was leaving on good terms. "It is my choice and I'm doing it happily. They are supporting my choice and understand." Shuaa said yesterday: "Mr Yasin has brought leadership and success to our brokerage business. We thank him for his dedication and contribution to building a premier regional trading hub." email@example.com