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.

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