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Abu Dhabi brokerage firm to close

05 August 2010

Hatim el-Atabani, managing director of Abu Dhabi-based brokerage Makaseb Islamic Financial Services, has requested the UAE's market regulator to freeze operations for a year after volumes and stocks slumped, Reuters has reported. "The decision was taken mainly due to the drop in market liquidity, which has affected the industry drastically," he told the news service. "We thought it would be unwise to continue operations and incur losses, especially when we don't see a turnaround happening soon." The company reduced its workforce by as much as 60% in the past year to cut costs and plans to reopen in a year, he said.

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