Business | Property
200 employees affected as Damac announces job cuts
Damac Group on Monday said it will retrench 2.5 per cent of its staff or 200 jobs owing to the global slowdown.
- By Saifur Rahman, Business Editor
- Published: 18:46 November 10, 2008
- Image Credit:
Dubai: Damac Group on Monday said it will retrench 2.5 per cent of its staff or 200 jobs owing to the global slowdown.
Analysts say a similar move is expected by a number of developers and brokers due to the slowdown in Dubai's real estate market.
"Dubai's real estate sector will see many more job losses, if the present stagnant situation fails to imrove. Government should revise freehold visas to bring back investor confidence, otherwise we will all lose out," Kaleem Khan, chief executive of brokerage firm NKR Properties, told Gulf News.
Damac, which employs over 8,000 staff worldwide, will see redundancies focused in those areas that have been directly affected by the contracting market including sales and marketing, recruitment and back office support functions.
Damac Properties CEO Peter Riddoch said the tough decision was inevitable in the light of the severe slowdown in the worldwide property market.
"We regret that we have to lose colleagues but we believe that taking an early decision was the right thing to do," he said in a statement.
Share this article
Gulf News classifieds
Popular in Business
Business Editor's choice
-
UAE companies in full force at WTM
Seventy-eight participants are from Dubai and 50 from Abu Dhabi
-
DIFC committed to high standards
Ensures an efficient process to serve the business community
-
Sweet life in the Middle East
A sweet look at the confectionary industry in the UAE and Middle East
-
UAE
Abu Dhabi's infrastructure spending
New road networks to reignite construction sector.
