UAE investment bank Al Mal Capital has shut down its Saudi office following a winding down of its brokerage unit and a broad staff layoff at its head office, two people familiar with the matter said.

A statement posted by the firm on the Saudi stock exchange, the Tadawul, on Sunday confirmed Al Mal Capital Saudi had asked the Capital Markets Authority to cancel its licence in the kingdom and that the regulator had approved the request.

Al Mal had reduced its workforce by around 85 per cent between 2009 and November 2011 as low trading volumes on regional stock exchanges impacted its brokerage business, sources told Reuters in November.-Reuters