Monday 23 May 2016

Dubai's Shuaa Capital cuts 15 pct of staff -sources | Reuters

Dubai's Shuaa Capital cuts 15 pct of staff -sources | Reuters:

"Dubai investment bank Shuaa Capital has cut about 15 percent of its workforce, sources familiar with the matter told Reuters, ahead of a possible sale of a stake in the company by Dubai Group.

Before the lay-offs, which took place at the end of last week, the bank had about 70 employees. Shuaa did not respond to comment when contacted by Reuters.

Dubai Group, a unit of Dubai Holding, the investment vehicle of the emirate's ruler, mandated Emirates NBD in April to arrange a sales process for its 48 percent stake in Shuaa. The stake is worth about 315 million dirhams ($86 million) at stock market prices.

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