Investment bank Shuaa Capital, which has been shedding jobs to cut costs, posted a narrower quarterly loss on Sunday helped by lower provisions and a sharp drop in investment-related losses.
Shuaa, which has had three chief executives in the past year, had a third-quarter loss of 13.9 million dirhams ($3.78 million), compared with a loss of 156.2 million dirhams for the year-ago period, it said in a bourse statement.
One of the Arab world's largest investment banks and once a symbol of the sector's potential in the region, Shuaa is among a group of regional investment firms struggling to stay afloat after excessive debt and declining portfolios led to losses.
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