Dubai's Shuaa Capital to lay off 15 per cent of workforce

Published May 24th, 2016 - 07:05 GMT
Earlier this month Shuaa Capital announced a first-quarter net loss of Dhs 27.5 million. (Shuaa)
Earlier this month Shuaa Capital announced a first-quarter net loss of Dhs 27.5 million. (Shuaa)

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

 


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