Dubai: Shuaa Capital said on Monday it planned to cut a further 55 jobs in the first half of 2012 after reporting a full-year net loss of Dh293.8 million, a 31.3 per cent increase over its 2010 loss of Dh223.7 million.
The Dubai-based investment bank said the new wave of redundancies would primarily affect employees working in its retail brokerage. Shuaa has already closed its retail brokerages in Jordan and Egypt, as well as downsizing operations in Riyadh and Abu Dhabi, amid global market turmoil and plunging trading volumes in the UAE.
The bank’s net loss narrowed in the fourth quarter to Dh111.9 million from Dh186.7 million in the year-before period. Shuaa’s share price gained 9.14 per cent to Dh0.74 at 11.40am UAE time following the announcement.
“The cost cutting measures have reduced both the number of employees and employee related costs by 39 per cent, which is equivalent to annualised cost savings of Dh46 million, and real estate related expenses of Dh3.5 million,” said Shaikh Maktoum Bin Hasher Al Maktoum, Shuaa’s chairman in a statement to the Dubai Financial Market.