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Shuaa Capital Cuts 21 Jobs
DUBAI - Shuaa Capital, one of the most established local investment banks in the region, has announced that it has cut approximately 9 per cent of its Dubai based employees, but maintains it will be profitable in 2009.
Shuaa Capital said it has started redundancy consultation with 21 staff in order to realign its cost base.
“Staff affected representing 9 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,” read part of the statement released by the company on Thursday.
The statement said Shuaa Capital does not intend to raise capital base and will issue a 9-month trading statement next week after the Dubai-based investment bank cut jobs.
It has however assured its clients that they will remain a successful business, even during hard economic times. The statement further said that Shuaa is well positioned to weather the financial crisis and focus on growth opportunities next year, while remaining profitable in its core business.
“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 the Kingdom of Saudi Arabia and Qatar, and increasing our market share in brokerage
and asset management,” said Iyad Duwaji, Chief Executive Officer, Shuaa Capital.
Shares of Shuaa Capital, a publicly traded investment company based in
Trading however resumed on November 3, after Shuaa released a statement saying it had agreed with Dubai Banking Group accordingly.
The Dubai Banking Group had pledged to take a 32 per cent equity stake in Shuaa Capital by converting Dh 1.5 billion (US$ 272 million) worth of bonds issued by Shuaa last year into shares on October 31 this year.
The conversion of the bonds was set at an agreed price of Dh6 per share equating to 250 million shares of Shuaa and has been in talks since last June.
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