Sources have reported to Reuters that the Dubai-based investment bank Shuaa Capital is looking to cut 15 per cent of its workforce.
The investment bank is looking at a possible sale of a 48 percent stake in the company to Dubai Group, the investment arm of Dubai Holding. The stake is worth about Dh315 million ($86 million) at stock market prices. Prior to lay-offs the bank had around 70 employees.
It is unclear whether the job cuts are related to the sale.
By Matthew Amlôt
Editor’s note: This article has been edited from the source material
