Market news

Building activities come to a halt in Dubai


One of Dubai's biggest companies Nakheel has announced 500 job losses after bringing out that a number of its projects have been put on hold.
Nakheel did not specify which projects would be put on hold, but they said that work on reclaiming land for the Palm Deira, the largest of the Palm Islands, will be slowed down and engineering studies will be restricted for a certain period of time.

One of the most famous engineers in Dubai the representative of the  state-owned Woods Bagots company and at the same time the  developer of 1 km tall Nakheel tower and the Palm Islands projects said that the loss of 15% of its 3,000 strong workforce was "a responsible action in current global market conditions"..
Other Dubai companies have also announced major cutbacks; Tameer Holding is cutting almost 50% of its own 350 staff and Damac is cutting 200 jobs.
Last month Omniyat company also cut 60 jobs.

There are many examples; another Dubai company controlled by state-owned Dubai World with projects in Saudi Arabia, Russia and India, is also reported in the local press to be reviewing its staff.
According to Abu Dhabi's newspaper The National, almost 1,000 job losses have been announced by companies in Dubai till now.

News was edited by "VESTA Estate".

Forget password?