UAE's Al Mal Capital shutters Saudi offices

Investment bank has already cut staff numbers, wound down brokerage unit
UAE's Al Mal Capital shutters Saudi offices
Al Mal Capital in November laid off a number of staff at its UAE offices
By Reuters
Mon 09 Jan 2012 07:54 AM

UAE investment bank Al Mal Capital has shut down its Saudi
office following a winding down of its brokerage unit and a broad staff layoff
at its head office, two people familiar with the matter said on Sunday.

A statement posted by the firm on the Saudi stock exchange,
the Tadawul, on Sunday confirmed Al Mal Capital Saudi had asked the Capital
Markets Authority to cancel its licence in the kingdom and that the regulator
had approved the request.

Al Mal had reduced its workforce by around 85 percent
between 2009 and November 2011 as low trading volumes on regional stock
exchanges impacted its brokerage business, sources told Reuters in November.

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