Shuaa Capital starts redundancy talks with 21 employees
Dubai-based investment bank Shuaa Capital yesterday confirmed it had started redundancy consultations with 21 staff in order to realign its cost base.
“Staff affected representing nine per cent of Dubai-based employees are from across the business, with the majority being in middle and back office positions and from non-fee-based businesses,” the company said.
Shuaa is the first investment bank to officially admit redundancy, primarily due to the current financial situation.
Iyad Duwaji, chief executive, said: “Our approach to managing our expenses is driven by the reality imposed on us from external market conditions and how we see our businesses performing next year. We have a clear plan that reallocates resources to areas where we see demand in 2009, such as Saudi Arabia and Qatar, and increasing our market share in brokerage and asset management.
From Gulf News
