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FINANCIAL NEWS
Dubai’s Shuaa to resizes research department
10 Jan 2012
(MENAFN) Dubai-based Shuaa Capital continued its restructuring plan to lower costs reducing its research department by making five staff members redundant and redeploying others, Bloomberg reported.
The step is part of Shuaa Capital’s plan to give up the retail brokerage business after markets in its home base declined and losses mounted.
CEO Michael Philipp said in October Shuaa plans to shift focus to its asset management and advisory business, and expand it in Abu Dhabi, Saudi Arabia and Kuwait.
He added that the company will focus on high net-worth family businesses and small- to medium-sized companies as well as institutional clients.
The company had a third-quarter loss of USD42.5 million after booking provisions.
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