Shuaa Capital 2009 Audited Annual Report

Shuaa released its 2009 audited annual report on the DFM today.

You can read the details about performance (they had a net loss of AED538 million versus a net loss of AED965 million in 2008), two things are worthy of comment:

1. The Board of Directors report is pretty straightforward.  Unpleasant news is not avoided, buried or sugar coated.  Admittedly, there's a bit of puffery in the press release but nothing too egregious.  One does not expect self flaggelation.
2. The annual report is very good in terms of disclosure.  My only quibble (and AA always must have a quibble) is Note 10.  I would have liked to see details of the values for each individual investment.

Also if you're interested in hearing the company speak for itself, here is a link to their press conference on their preliminary results. Their CEO, Sameer AlAnsari, about SC's expectation for the market and its business and its strategy.  And what more comforting that to hear what sounds like a good Scots burr talking about financials.