Shuaa to name Shihabi as broking unit CEO

A former head of research at Dubai-based investment bank Shuaa Capital is likely to be named as the new chief executive of its brokerage division, sources familiar with the matter said on Sunday.Walid Shihabi, who left his position as head of reasearch at Shuaa Capital in January 2009, will likely take over from Mohammed Ali Yasin, who has resigned as the head of Shuaa Securities and will leave the company at the end of August.

Shuaa Securities is the second-largest broker in the United Arab Emirates by market share.Shihabi joined Shuaa Capital in 2001 and has been working as a private investor and consultant since resigning in 2009.He declined to comment on the potential appointment when called by Reuters. A Shuaa Capital spokesman also declined comment.