Dubai-based investment bank, Shuaa Capital has announced it plans "significant" job cuts, as part of the second phase of the cost savings programme it launched this year, Reuters has reported. Shuaa said it will introduce "a reduction of administrative expenses, the amalgamation and further alignment of departments, a recalibration of budgets and a significant headcount reduction." In May, the bank said it would layoff 10.7% of its staff, or 39 jobs, to reduce costs after political unrest in the Gulf region took a toll on quarterly results.