Dubai’s Shuaa to cut 39 jobs after quarterly loss

Investment bank said political unrest took toll of profits, saw loss of AED26.3m for first quarter
Dubai’s Shuaa to cut 39 jobs after quarterly loss
The bank will cut 39 staff, primarily from back office and support roles, in a bid to cut expenses
By Joanne Bladd
Wed 11 May 2011 12:16 PM

Shuaa Capital booked a loss for the first quarter as
political unrest impacted margins and said it would cut 10.7 percent of its
staff in a bit to trim costs.

The Dubai investment firm saw a first quarter net loss of AED26.3m,
compared to a profit of AED19.5m in the same period a year earlier.

Shuaa saw revenues of AED27.1m for the three months to March
31, down from AED60.9m in the year-earlier period, the company said in an
emailed statement Wednesday.

The bank will cut 39 staff, primarily from back office and
support roles, in a bid to cut expenses.

“Whilst we have made significantly operational improvements
over the last year, we have had to take further tough decisions to ensure that
even in the most challenging environment, Shuaa can be profitable,” said chief
executive officer Sameer Al Ansari in an emailed statement.

Shuaa had total assets of AED1.9bn as of March 331, 2011, the
company said.

The company said last month its chief financial officer
David Deards had resigned, effective April 5.

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