based investment bank struggling to boost revenues, plans “significant” job cuts as part of the second phase of the cost savings program it launched this year. Shuaa, which helped float ports operator DP World several years ago, posted a AED156 million ($43 million) third-quarter loss weighed down by asset revaluations and a slump in core businesses. The company plans “a reduction of administrative expenses, the amalgamation and further alignment of departments, a recalibration of budgets and a significant headcount reduction,” it said in a statement issued late Thursday. One of the Arab world's largest investment banks and once symbol of the sector's potential in the region, Shuaa was hit by the 2008 global financial downturn, with asset impairments erasing profits. Its stock has fallen 40 percent year-to-date. In May, the bank said it would layoff 10.7 percent of its staff, or 39 jobs.
