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Shuaa Capital cuts 15pc staff

DUBAI, May 23, 2016

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 Dh315 million ($86 million) at stock market prices.

It was not immediately known whether the lay-offs were related to the sales process. -Reuters




Tags: investment bank | Shuaa |

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