Daily Recession covers the world as it goes into recession. The financial crisis, stock market crash, bankruptcies, job cuts, and the turmoil that follows.

Shuaa Capital to cut 29 jobs

Posted: December 4th, 2011 | Author: | Filed under: By Location, UAE | Tags: , , | No Comments »

Dubai-based investment bank Shuaa Capital announced a round of job cuts in November as it moved away from retail brokerage business after markets in its home base declined and losses increased.

In the first phase 29 people will be affected.

The regional political turmoil coupled with concerns of a global slowdown has hurt the company. Shuaa had a third-quarter loss of AED156.2m ($42.5m) after booking provisions.

More on Recession and Job Cuts -

Leave a Reply