Shuaa Capital Cuts Staff After Poor Quarter

Shuaa Capital plans to cut 10.7% of its staff – roughly 39 jobs – after a poor first quarter, Reuters reported. The firm, which is 48.4% owned by Dubai Bank Group, blamed political unrest in the Gulf Arab region for the poor results. A sharp drop in real estate values and lack of initial public offerings as well as competition from international banks has prompted Shuaa to slash costs, Reuters wrote.

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