World Economy

Dubai Financial Firm to Cut Jobs

Dubai Financial Firm to Cut JobsDubai Financial Firm to Cut Jobs

The Dubai-based investment bank Shuaa Capital is looking to cut 15% of its workforce, sources told Reuters. The investment bank is looking at a possible sale of a 48% stake in the company to Dubai Group, the investment arm of Dubai Holding. The stake is worth about Dh315 million ($86 million) at stock market prices. Prior to lay-offs, the bank had around 70 employees. It is unclear whether the job cuts are related to the sale. The Dubai stock index was flat Tuesday but Shuaa climbed 5.4% on hopes that it could be taken over by a major regional firm.