Dubai's Shuaa Capital cuts 15 pct of staff -sources

May 23, 2016 5:44 AM

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DUBAI May 23 Dubai investment bank Shuaa Capital has cut about 15 percent 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.

Also read: Abu Dhabi Commercial Bank Q3 net profit falls 17 pct

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