Dubai developer cuts 200 jobs
12 November 2008
The Damac Group, owner of Damac Properties, one of the largest property developers in Dubai announced yesterday that it will cut 200 jobs, or 2.5% of its workforce, as a consequence of the economic downturn.
“This continuing global slowdown will inevitably lead all companies to review their staffing levels and recruitment requirements,” Peter Riddoch, Damac’s chief executive, said in a statement.
There are mounting signs that Dubai’s residential market is heading for a correction, or even a crash. A recent report from Morgan Stanley estimated a correction of at least 10% by 2010.
“I have little doubt that the United Arab Emirates is still better placed than many other nations to deal with the challenges ahead in the global market,” said Mr Riddoch.