May 01 2012
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'No more job losses at Shuaa'
Sheikh Maktoum says rightsizing programme is complete
"Excluding our lending business, the group has reduced its number of employees by 60 per cent since the end of Q1 2011," Sheikh Maktoum bin Hasher Al Maktoum, Executive Chairman of Shuaa Capital, said in a statement posted on the Dubai Financial Market website.
"I am pleased to say that we have now sized the business to the current market conditions and we have concluded our rightsizing programme," he highlighted.
"We now have a clear direction, a significantly reduced cost base and a much higher degree of financial visibility," he noted.
He pointed out that Shuaa has improved its monthly operating cash flow by 57 per cent year-on-year, and that the target for the first half of 2012 is a further reduction of 14 per cent, leading to a total improvement of operating cash flow of 71 per cent since the launch of the systematic rightsizing programme in 2011.
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