Property giant Nakheel sacks 15 percent of workforce
02 December 2008
The Dubai property giant Nakheel announced that it has sacked 500 staff due to the global financial crisis. The developer also said it would be scaling back work on some of its projects.
"Approximately 15 percent of the total workforce, which amounts to 500 employees, was made redundant," said the company’s statement, describing the move as "a responsible action in light of the current global market conditions."
It is the largest job cut in the wake of the global financial meltdown to be announced in United Arab Emirates (UAE) and in Dubai, a city of skyscrapers, opulent hotels and malls which hosts hundreds of thousands of foreign residents including Westerners and Asian workers.
"We have the responsibility to adjust our short-term business plans to accommodate the current global environment," said an unnamed spokesperson quoted in the statement. "The redundancies are indeed regrettable, but a necessity dictated by operational requirements which are in turn dependent on demand," the spokesperson added.
Last month, Damac Group, owner of the region's largest private developer Damac Properties, said it cut 200 jobs or 2.5 percent of its workforce.