British expats working abroad in Dubai could face job losses
02 December 2009
There could be a slump in international recruitment because of the continuing financial crisis in Dubai and expats could face job losses, reports the Dow Jones newswire.
Raj Madha, an analyst at regional investment bank EFG-Hermes, told Zawya Dow Jones: "It’s clear there will be job cuts but it’s too early to know the extent of it."
The level of debt faced by Dubai could mean government-owned businesses are forced to cut back. The newswire reports that 70,000 people are employed in the state, many of them expats, and that further job cuts could make the financial crisis worse.
One analyst said that the government was more likely to lay off expats rather than nationals.
Dubai has been hit particularly hard by the global financial crisis as foreign investment and confidence dried up. While most developed nations are beginning to return to stable economic growth, industries in the state, particularly international property, are still struggling.
Late last year foreign workers were laid off from the construction, finance and real estate sectors, the newswire reports.
In February of this year around 100,000 Brits were living in Dubai, according to figures from the Daily Express.
Source: Halifax International