Dubai-listed Shuaa Capital is set to update shareholders on strategic options for the company at its AGM next month, the company said, following the resignation of its head of legal and compliance.

The departure of Bachir Nawar, who first served as Abu Dhabi Financial Group’s general counsel and later as the group chief legal and compliance officer following its merger with Shuaa, was announced in a disclosure to Dubai Financial Market (DFM) on Wednesday.

Zawya understands that only two of Shuaa’s six-person management team, as cited in its December 2023 profile will remain following the departure of Nawar. Its finance director resigned in January and its head of private markets announced his departure last week. A new CEO was appointed in November in what was understood to be part of a planned restructuring strategy.  

The entity’s board also reduced from five to four last week on the resignation of Andre Sayegh, as the investment bank grapples with a ‘capital optimisation’ including extending the maturity date of a bond issued by a Shuaa-affiliated special purpose vehicle, which is due later this month. 

Nawar, who is departing for personal reasons according to the statement, will serve two months’ notice to ensure smooth continuity of business activities, the statement said. 

A further disclosure said the board will update shareholders on a capital optimisation plan and ‘alternative strategic options’ for the company at its annual general meeting (AGM) in April.

(Reporting by Imogen Lillywhite; editing by Daniel Luiz)