Business | Property
Restructuring likely in real estate sector
As many as 819 people have lost their jobs in the property sector in Dubai to date, with many more expected, analysts and officials said.
- By Suzanne Fenton, Staff Reporter
- Published: 00:34 December 1, 2008
Dubai: As many as 819 people have lost their jobs in the property sector in Dubai to date, with many more expected, analysts and officials said.
Developer Nakheel on Sunday made 500 staff redundant, representing 15 per cent of their workforce of about 3,300.
Earlier, Damac let 200 go, Omniyat 69 and Better Homes have made 50 people redundant, making the total headcount to 819.
Things are far from perfect in this real estate industry, where investment is more stagnant than free-flowing as before.
Those let go from Nakheel were notified on Sunday with many leaving immediately "because of the holidays coming up", said a senior communications executive whose own job, presumably, is safe.
And while real estate staff are quaking, the job losses are overflowing in to the banking sector with Morgan Stanley downsizing operations in Dubai.
On top of the sackings, many of Dubai's mega-projects, those which have thrown Dubai in the spotlight, have been put on hold.
Kathy Cusack, planning and design manager for Waterfront said she couldn't comment on any delays on the Waterfront project.
Limitless is reviewing the construction schedule of Arabian Canal.
"Arabian Canal is not on hold at all. But we are reviewing the pace of development," Rebecca Rees, media relations manager, Limitless, said.
Rees also said none at Limitless had lost their jobs so far and they "are not planning" any job losses but their recruitment programme is being reviewed.
The Dh350 billion Jumeirah Garden City development is now on hold.
"The master plan is being revisited and pockets of the development are delayed," said a spokesperson from Meraas.
Meraas also have no immediate plans to lay off any staff.
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