DUBAI, May 14 (Reuters) - Shuaa Capital SHUA.DU , the Dubai-based investment bank, said on Tuesday that its first-quarter net loss narrowed as it reduced operating costs by a third amid shrinking revenues.

Shuaa, which has laid off a third of its staff since 2011, said the quarterly net loss narrowed to 5.9 million dirhams ($1.6 million) from 8.5 million dirhams a year ago.

Revenue dropped to 36.2 million dirhams compared with 55.0 million dirhams, while operating expenses fell 33 percent to 40.7 million dirhams, Shuaa said. ($1 = 3.6730 UAE dirhams)

(Reporting by Dinesh Nair; Editing by Andrew Torchia)

((dinesh.nair@thomsonreuters.com)(+ 971 4 366 4265)(Reuters Messaging: dinesh.nair.reuters.com@reuters.net))

Keywords: EMIRATES SHUAA/