Dubai investment bank Shuaa Capital has cut about 15 per cent 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 per cent stake in Shuaa. The stake is worth about 315 million dirhams ($86 million) at stock market prices.
It was not immediately known whether the lay-offs were related to the sales process.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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