Dubai investment bank Shuaa Capital has announced that it will cut 9% of its workforce, or 21 jobs. "Our approach to managing our expenses is driven by the reality imposed on us from external market conditions and how we see our businesses performing next year," said Iyad Duwaji, chief executive. "We have a clear plan that reallocates resources to areas where we see demand in 2009, such as the Kingdom of Saudi Arabia and Qatar, and increasing our market share in brokerage and asset management," he said. Diminishing Gulf issuance has harmed Shuaas revenue. Moodys is reviewing the firms rating for downgrade.