The chairman of SHUAA Capital has stepped down from his role after nearly five years, departing at the end of a statutory term.

Fadhel Al Ali, who is also chairman of the Dubai Financial Services Authority (DFSA) has held the role since July 2019.

A new chairman and deputy chairman are due to be elected at the Dubai-listed entity’s board meeting on Friday, and a new managing director appointed from among the five board members.

Two new board members, Darwish Al Ketbi and Nabil Ramadhan, were appointed at SHUAA’s general assembly in Abu Dhabi on Wednesday, replacing Al Ali and Andre Sayegh, who resigned earlier this year. 

(Writing by Imogen Lillywhite; editing by Daniel Luiz)