Dubai-based Arqaam Capital closing South Africa office after five years

Arqaam Capital, an emerging market-focused brokerage house based in Dubai, is shutting its South Africa office as the investment bank follows in the footsteps of other global equity research companies paring back operations in the continent's financial-markets hub. In a message to clients, Arqaam, which also has offices in  Beirut and Cairo,  said it would be closing its  Johannesburg office and immediately withdraw recommendations, target prices and estimates. Arqaam employs about 17 people in the city, Bloomberg first reported. Arqaam said it will focus on markets where it has a str...