Rasmala Holdings Ltd a Dubai- based financial holding company, plans to merge operations in Saudi Arabia in the next quarter after cutting three jobs as it seeks to decrease costs amid the regional crisis.
“We are entering a period in the region where we are more cautious,” Ali al Shihabi, chairman of Rasmala Investment Bank Ltd., said in a phone interview on Wednesday. “We are expecting 2011 to be a difficult year. Volumes could be low, foreign capital flow might be less, and we are approaching that with caution.”
Uprisings in the Middle East and North Africa that ousted leaders in Tunisia and Egypt have hurt financial markets in the Persian Gulf, with the DFM General Index retreating 4.6 percent in the first quarter. Rasmala reduced the number of its employees in November to lower costs by as much as 25 percent and reorganize, Shihabi said that month.
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