Macquarie Capital said to be scaling back in UAE
Some out of about 20 staff at Macquarie Capital are serving their notice period, the source says
Abu Dhabi/Sydney — Macquarie is scaling back in the Middle East by downsizing its operations in the United Arab Emirates (UAE), three sources familiar with the matter said and is giving up an operating licence in Saudi Arabia. Saudi Arabia's Capital Market Authority said on Tuesday that Macquarie Capital, the lender's investment banking unit, had relinquished its operating licence in the country, which it had acquired in 2017. "Macquarie Capital Saudi Arabia LLC has requested the Capital Market Authority to cancel its authorisation to conduct arranging and advising activities," the regulator said in a statement. "The company has not commenced business yet." In the UAE, the Australian bank is downsizing its operations in Abu Dhabi, sources familiar with the matter told Reuters. The sources said Wissam Moukahal, executive chair at Macquarie Capital, Abu Dhabi, had left the company. Macquarie did not immediately return requests for comment. "It is a tough business environment in invest...
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