Home Industry Dubai’s Shuaa Capital cuts 15% of staff Before the lay-offs, the bank had about 70 employees by Reuters May 23, 2016 Dubai investment bank Shuaa Capital has cut about 15 per cent 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. Dubai Group, a unit of Dubai Holding, the investment vehicle of the emirate’s ruler, mandated Emirates NBD in April to arrange a sales process for its 48 per cent stake in Shuaa. The stake is worth about Dhs 315m($86m) at stock market prices. It was not immediately known whether the lay-offs were related to the sales process. Also read: Abu Dhabi state companies lay off thousands as low oil prices bite 0 Comments