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Dubai’s Shuaa Capital narrows net loss with job reduction

Dubai-based investment bank, Shuaa Capital has said its first-quarter net loss narrowed sharply, as the impact of a job reduction plan embarked last year helped to bring down costs at the struggling, Reuters has reported. Shuaa, 48.4% owned by Dubai Group, said quarterly loss narrowed to Dhs8.5m ($2.31m), compared with Dhs26.3m loss in the same period last year, driven mainly by a 7.4% decline in costs and expenditures which fell to Dhs62.1m for the quarter. The company has laid-off close to 60 employees by the end of December. The majority of the redundancies related to the retail brokerage business, which Shuaa exited after slumping trade volumes in the UAE.