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FINANCIAL NEWS
UAE’s Shuaa eyes lay-off plans to boost profit
05 Dec 2011
(MENAFN) Shuaa Capital’s chief executive Michael Philipp announced that the company’s plan for reducing staff started with its first phase of laying off 29 employees, reported Emirates 24/7.
The CEO said that the reduction of the number of staff comes as the company aims to cut costs and thus increase profits amidst the difficult economy.
The company added that the lay offs would be mainly in the retail brokerage business which the company plans to stop all operations in eventually.
It is worth noting that Shuaa’s stock dipped by half since the beginning of 2011.
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