Al Mal Capital PSC, a United Arab Emirates investment bank, has cut staff by about 25 per cent and is winding down its brokerage business in the Gulf nation, two people familiar with the matter said.
Eight employees at Al Mal Capital have been laid off, bringing staff to around 20, the people said, declining to be identified because the matter hasn’t been made public. The company employed over 100 people in 2008, one of the people said. Al Mal Securities, an Al Mal Capital unit, was ranked 57th by value traded on the Dubai Financial Market in September, according to the bourse’s website.
Some banks in the UAE are cutting costs after the credit crisis weakened lending, crimped investment banking and spurred loan defaults. Deutsche Bank AG and Credit Agricole SA are among international banks withdrawing employees from Dubai. The number of “active and functioning” brokerages in the UAE has dropped 38 per cent since the end of 2008 to 61, according to the Securities & Commodities Authority website.
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